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A group of technical billionaires under the direction of Palmer Luckey, co-founder of the military entrepreneur Anduril, is preparing to launch a US bank with which the gap in start-ups left by Silicon Valley Bank, including cryptocurrency transactions, is to be closed.
In order to be called EREBOR, the bank would be supported by top -class technology investors such as Joe Lonsdale, the founder of, Risk capital Company 8VC and co -founder of the defense group Peter Thiel Palantir, according to people who are familiar with the matter.
Thiel’s Venture Capital Fund, Founders Fund, would also be among the investors, two people who are almost almost.
Like Anduril and Palantir, Erbor’s name is an indication of JRR Tolkien The Lord of the Rings. Erebor is the “lonely mountain”, the treasures of which are reclaimed from the dragon Smaug.
Luckey and Lonsdale-Die in the US presidential election in 2024 Great donors from Donald Trump-Möcht-that the bank took over the niche, which was once occupied by SVB as a start-up for risky companies and cryptocurrency players, which traditional banks may refuse.
Erebor has applied for a citizen bank Charter in the USA, a license that enables a financial institution to act as a bank.
“The bank will be a national bank. The provision of traditional banking products as well as products and services for virtual currencies for companies and individuals,” said the application that was published this week.
The target market would be companies that were part of the US innovation economy, in particular Tech companies that focused on virtual currencies, artificial intelligence, defense and production, the submission said. It would also serve individuals who work for these companies or invest in them.
It was also planned to work with non-US companies to “seek access to the US banking system”.
The co -founders of Erebor discussed a bank for the first time after the collapse of SVB in 2023, according to a person who was near the matter. SVB was the main bank for US start-ups and its risk capital companies.
His assets were sold to First Citizens, which has restarted since SVB, and some of his bankers moved to the USA after HSBC. However, investors and managers complain about a gap in banking services for young technology companies since the death of SVB-Ein Gett-Ups who tried to gain the same access to capital.
In registration, Erebor said that it would “differentiate itself” by working with customers who “are not served by traditional or disruptive financial institutions, especially with regard to inadequate access”.
It is expected that cryptocurrencies are called “stable coins” that are classified to real assets such as the dollar, an essential part of the bank’s business activity. The application states EREBOR aim to “be the most regulated unit that carries out and facilitates stablecoin transactions”.
Luckey and Lonsdale were not expected to be involved in the daily administration of the bank, according to the people familiar with their plans. It is headed by Co-COS Jacob Hirshman, who previously worked as a consultant at Crypto Group Circle and Owen Rapaport, co-founder and CEO of the Compliance Compliance Digital Assets Software. Mike Hagedorn, former Senior Executive Vice President at New Jersey Valley National Bank, will be the President of the bank.
The headquarters will take place in Columbus, Ohio, with an additional office in New York, but it only offers digital service and markets all products and services via a smartphone app.
Part of the application was submitted confidentially and not published, e.g. B. Details on their shareholders, the stock structure and the business plan.
Luckey did not respond to a request for comments. Lonsdale confirmed that he was a financial supporter of the project, but refused to continue commenting. Rapaport and a spokesman for Thiel rejected a statement. Hirshman and Hagedorn did not answer.
