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PayPal co-founder Peter Thiel and other tech billionaires are launching Erebor, a new bank aimed at serving crypto, AI, and defense tech startups. The initiative seeks to fill the gap left by the collapse of Silicon Valley Bank, with plans to include stablecoins on its balance sheet.
- Erebor Bank, backed by Peter Thiel and Palmer Luckey, targets crypto, AI, and defense startups.
- The bank has filed for a national charter and plans to include stablecoins in its reserves.
- SVB's collapse in 2023 left a void for tech-focused banking, which Erebor aims to fill.
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