According to the Financial Times, citing PandoraTech News, PayPal co-founder Peter Thiel and several technology billionaires plan to set up a new bank called Erebor, focusing on startups in emerging fields such as cryptocurrency, artificial intelligence, manufacturing and defense technology.

Erebor has applied for a national bank charter from the Office of the Comptroller of the Currency (OCC). The bank plans to include stablecoins on its balance sheet, but the specific currencies have not yet been made public. Its goal is to fill the gap in financial services for venture capital startups after the collapse of Silicon Valley Bank (SVB) in 2023.

The bank was led by Anduril co-founder Palmer Luckey and supported by Founders Fund founded by Thiel and Palantir co-founder Joe Lonsdale.

Erebor's co-CEOs include former Circle advisor Jacob Hirshman and software company Argus co-founder Owen Rapaport, both of whom have extensive experience in crypto compliance and corporate services, respectively.

SVB was once an important partner bank for blockchain companies such as BlockFi, Circle and Avalanche. After its bankruptcy, many Web3 and AI startups were in trouble in financial services. Erebor's goal is to rebuild a banking infrastructure that supports high-risk, high-growth technology companies, and intends to incorporate emerging financial instruments (such as stablecoins) into its core business.

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The launch of Erebor indicates that the US financial services system is moving from the traditional banking model to a new stage of serving crypto and cutting-edge technology companies. The addition of Thiel and a team with defense and crypto backgrounds indicates that this is not only an innovation in banking business, but is also likely to become a key platform for the integration of Web3 and AI capital infrastructure.

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