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Tech billionaires, led by Peter Thiel, are launching Erebor Bank to address the financing gap left by Silicon Valley Bank’s collapse. The new institution will focus on serving crypto firms and startups struggling to secure funding. This move aims to fill the void in venture-backed banking.
- Erebor Bank is a new venture by Peter Thiel and other billionaires to serve crypto firms and startups post-SVB collapse.
- SVB previously banked nearly half of all venture-backed tech and life sciences firms in the U.S. before its 2023 collapse.
- The banking sector has seen tighter lending standards since SVB's downfall, creating a financing gap for innovation-driven companies.
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