WASHINGTON—A new crypto-focused bank backed by some of Silicon Valley’s biggest names has received the green light from federal regulators, marking the latest move by Trump-era appointees to expand digital-asset access within the U.S. banking system.
The Office of the Comptroller of the Currency (OCC) has granted preliminary approval for Erebor Bank’s national charter application, POLITICO reported.
The proposed institution aims to serve technology and fintech firms involved in cryptocurrency, artificial intelligence, and other sectors of the “innovation economy.” Erebor also intends to provide stablecoin-related services, according to its OCC filing, POLITOCO said.
Erebor’s business plan is designed to fill the gap left by Silicon Valley Bank’s 2023 collapse, which stranded many startups and digital-asset firms that relied on specialized banking relationships, POLITICO noted.
The venture is backed by several prominent tech billionaires with ties to the Trump administration, including Anduril co-founder Palmer Luckey and Palantir co-founder Joe Lonsdale, with additional support from Peter Thiel’s venture-capital firm, the Financial Times reported.