US EditionTech billionaires Palmer Luckey and Joe Lonsdale back Silicon Valley Bank rival
- Tech billionaires Joe Lonsdale and Palmer Luckey are backing a new crypto-focused U.S. bank called Erebor to replace the financial support lost after Silicon Valley Bank's collapse in March 2023.
- Erebor has applied for a national bank charter and will operate primarily online, with offices in Columbus, Ohio, and New York.
- Erebor plans to hold stablecoins and support high-risk tech sectors like crypto, AI, and defense, aiming to be a regulated entity for stablecoin transactions.
- The bank seeks to be the most regulated entity conducting and facilitating stablecoin transactions, according to its charter application.
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Palmer Luckey launches crypto bank Erebor with backing from Palantir’s Joe Lonsdale - Tech Startups
Silicon Valley’s startup scene lost a major financial lifeline when Silicon Valley Bank collapsed in March 2023. Now, a new venture is stepping in to fill the gap—and it’s backed by some familiar names in tech. Palmer Luckey, co-founder of […] The post Palmer Luckey launches crypto bank Erebor with backing from Palantir’s Joe Lonsdale first appeared on Tech Startups.
Palmer Luckey, backed by Palantir's Lonsdale, to launch crypto-focused bank
(Reuters) -Tech billionaire Joe Lonsdale said on Wednesday he is investing in a new crypto-focused U.S. bank being launched by Anduril co-founder Palmer Luckey that aims to fill the void left by Silicon Valley Bank's collapse.
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Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
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C 50%
R 33%
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