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A group of billionaires, led by Peter Thiel, is reportedly launching Erebor Bank to serve startups and crypto firms post-SVB collapse. The new financial institution has applied for a US bank charter and counts Thiel’s Founders Fund among its early backers.
- Erebor Bank is being established to serve startups and crypto firms post-SVB collapse.
- Peter Thiel's Founders Fund is among the early investors in the new venture.
- The bank has applied for a US charter, with backing from tech and VC heavyweights.
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