It appears that the bigwigs of finance have given a wink and a nod to Erebor Bank – a digital-first institution costing a cool $275 million, supported by none other than Palmer Luckey and Peter Thiel. Who said the Trump years were devoid of surprises? 🤔
According to the Financial Times (that bastion of financial wisdom), U.S. regulators have offered their preliminary cute little stamp of approval to Erebor Bank, founded by Anduril’s Palmer Luckey (the man who makes drones and dreams) and Joe Lonsdale, with some hearty backing from Peter Thiel’s Founders Fund and Haun Ventures. What a cozy little club! Positioned to grace the innovation economy, Erebor will cater to the whims of those engaged in cryptocurrency, the dazzling world of artificial intelligence (AI), defense, and advanced manufacturing. With its full-digital model headquartered in Columbus – ah, Ohio, what a place! – and an additional office in the dazzling land of New York.
The Office of the Comptroller of the Currency (OCC) threw their hands in the air and duly approved Erebor’s national bank charter just a mere four months after its June filing. OCC chief Jonathan Gould, no stranger to public speaking, declared that this approval indicates regulators “do not impose blanket barriers” on digital-asset banks. Naturally, Erebor’s founders – noted contributors to Trump’s electoral coffers – vehemently state that there was no favoritism involved, because why would you even think that? 🙄 The bank is set to provide traditional services as well as a sprinkle of crypto-focused offerings like stablecoin custody. Speaking of which, meet their CEO, Owen Rapaport, and President, Mike Hagedorn, guiding this digital ship forward. With the recent sinking of Silicon Valley Bank in 2023, Erebor aims to buoy the spirits of startups feeling abandoned. One insider summed it up perfectly: the goal is “normal banking without screwing everyone over with undue risk.” Now, isn’t that a noble pursuit? 😂
FAQ 💡
- Who’s behind Erebor Bank? Palmer Luckey, Joe Lonsdale, and a sprinkle of Peter Thiel’s financial fairy dust.
- What’s its focus? Serving the dreamers of crypto, AI, defense, and tech startups.
- Where’s it based? Oh, just Columbus, Ohio, with an office in the bright lights of New York.
- When will it open? As soon as those pesky compliance checks are done, of course!
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2025-10-15 21:49