Silicon Valley Bank | Crypto

Erebor’s green light from US regulators is among the most significant bank charter approvals tied to digital assets since the 2023 regional banking crisis. Erebor, a financial services company backed by billionaire Peter Thiel, has received regulatory approval to launch in the United States — a move that could help fill the gap left by the collapse of Silicon Valley Bank in 2023. According to a report by the Financial Times on Wednesday, Erebor has secured a preliminary banking charter but must still clear several compliance and security hurdles before it can begin operations — a process that could take several months. The approval was confirmed by the Office of the Comptroller of the Currency (OCC), with Comptroller Jonathan V. Gould saying that “permissible digital asset activities [...] have a place in the federal banking system if conducted in a safe and sound manner.” Read more

Before its collapse, Silicon Valley Bank had deep ties to crypto companies and venture capital funds investing in the industry. A group of billionaires, including Peter Thiel, is reportedly planning to launch a new financial services firm to fill the gap left by the collapse of Silicon Valley Bank in March 2023. The new bank, to be called Erebor, will focus on serving startups and cryptocurrency companies, according to the Financial Times, which cited anonymous sources familiar with the plans. The project has applied for a US bank charter, which allows financial institutions to operate as a bank. Thiel’s venture fund, Founders Fund, is among the bank’s early investors. In addition to Thiel, the group reportedly includes Palmer Luckey, co-founder of defense contractor Anduril, and Joe Lonsdale, founder of 8VC. Read more