Tech billionaire Peter Thiel is among a group of influential investors preparing to launch a new U.S. bank aimed at bridging the gap left by the collapse of Silicon Valley Bank, according to a report by the Financial Times.
The new institution, called Erebor—a nod to The Lord of the Rings—intends to offer both traditional financial services and specialized products for emerging sectors like crypto, defense tech, and AI. Thiel is joined by other high-profile figures, including the CEO of defense contractor Anduril, in backing the venture.
Erebor has filed for a national banking license and states in its application that it plans to serve both businesses and individuals, including those involved in virtual currencies. The bank also aims to cater to global firms seeking access to the U.S. financial system.
Sources familiar with the initiative say Erebor has been in development since the collapse of SVB in 2023, which had long been a financial hub for crypto startups and venture-backed companies.
Erebor’s pitch emphasizes reaching customers underserved by both legacy and disruptive banks, with a focus on improving credit access for industries and geographies overlooked by current providers.
Alexander Zdravkov
Reporter at Coindoo
Alexander Zdravkov is passionate about questions of meaning. He is a fluent German speaker as well as He has been in the crypto space for more than three years and has an eye for spotting emerging trends in the world of digital currencies. Whether providing in-depth analysis or reporting on all topics on a daily basis, his deep understanding and enthusiasm for what he does makes him a valuable addition to the team.
Source: https://coindoo.com/billionaire-peter-thiel-backs-new-bank-to-serve-crypto-and-ai-startups/