Thiel Joins Luckey and Lonsdale to Launch New Bank Aimed at Filling SVB Void for Stablecoins, AI, Defense and Advanced Manufacturing

Thiel Joins Luckey and Lonsdale to Launch New Bank Aimed at Filling SVB Void for Stablecoins, AI, Defense and Advanced Manufacturing

(Zero Hedge)—A group of high-profile tech investors, including military tech entrepreneur Palmer Luckey and venture capitalist Joe Lonsdale, is preparing to launch a new bank designed to serve the niche left behind by the collapse of Silicon Valley Bank — and to do so with ambitions that extend deep into cryptocurrency, defense tech, and artificial intelligence. The bank, to be called Erebor, has formally applied for a national banking charter i…

Peter Thiel Plots Erebor Bank To Replace Silicon Valley Bank For Startups, Crypto - Data Intelligence

Peter Thiel and other tech billionaires have reportedly spotted a major market opportunity in the void left by Silicon Valley Bank’s (SVB) 2023 collapse. They are now planning to launch a new financial institution — named after a Lord of the Rings reference — to serve crypto companies and startups that have struggled to secure financing since SVB’s downfall. SVB’s dramatic collapse in 2023 triggered contagion across the US banking sector and led…

Stablecoin banks like Erebor could inherit DeFi’s weakest links, says Web3 security firm

Stablecoins are becoming a key link between DeFi and banking. However, this integration introduces risk.