Erebor has received conditional approval from the 0 of the Comptroller of the Currency to operate as a federally chartered 1 activation depends on meeting additional regulatory benchmarks including compliance infrastructure and potential Federal Deposit Insurance Corporation 2 and backers The bank secured $275 million in capital 3 backers include Palmer Luckey (founder of Oculus and Anduril) Joe Lonsdale (co-founder of Palantir managing partner at 8VC)
and Peter Thiel’s Founders 4 serve as strategic investors; none hold operational 5 scope Erebor targets sectors labeled as underserved by traditional banking: crypto AI defense and advanced 6 filings confirm the bank will hold and issue stablecoins directly
positioning this as a core line of business under strict federal 7 and structure Headquartered in Columbus Ohio with a secondary office in New York Erebor will be led by co-CEOs Jacob Hirshman and Owen 8 founders’ exclusion from management roles is intended to streamline compliance and mitigate regulatory friction.
Story Tags

Latest news and analysis from Coinpaprika