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Tech billionaires Palmer Luckey and Joe Lonsdale back Silicon Valley Bank rival
- Tech billionaires Joe Lonsdale and Palmer Luckey are backing a new crypto-focused U.S. bank called Erebor to replace the financial support lost after Silicon Valley Bank's collapse in March 2023.
- Erebor has applied for a national bank charter and will operate primarily online, with offices in Columbus, Ohio, and New York.
- Erebor plans to hold stablecoins and support high-risk tech sectors like crypto, AI, and defense, aiming to be a regulated entity for stablecoin transactions.
- The bank seeks to be the most regulated entity conducting and facilitating stablecoin transactions, according to its charter application.
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22 Articles
Business Insider
Cryptocurrency News | Cryptocurrency Prices | Market CapAnduril CEO Palmer Luckey's new digital banking startup set to be valued at $2 billion, sources say
Palmer Luckey, founder of Oculus, Anduril Industries, and Erebor speaks during The Wall Street Journal's WSJ Tech Live conference in Laguna Beach, California on October 16, 2023.Getty Images/Patrick T. FallonAnduril CEO Palmer Luckey founded Erebor, a digital bank for startups and cryptocurrency companies.Erebor is raising at least $225 million at a $2 billion valuation, backed by Founders Fund and 8VC, sources say.Erebor's founding comes as the…
Oculus founder Palmer Luckey backs new crypto-friendly bank with tech billionaires
When Silicon Valley Bank collapsed in March 2023, shockwaves rippled through the startup world. For decades, SVB had been the primary financial partner for early-stage technology companies, venture capitalists, and crypto startups – businesses often considered too risky by traditional banks. Its sudden failure exposed a critical vulnerability in the innovation economy.Read Entire Article
Palmer Luckey launches crypto bank Erebor with backing from Palantir’s Joe Lonsdale - Tech Startups
Silicon Valley’s startup scene lost a major financial lifeline when Silicon Valley Bank collapsed in March 2023. Now, a new venture is stepping in to fill the gap—and it’s backed by some familiar names in tech. Palmer Luckey, co-founder of […] The post Palmer Luckey launches crypto bank Erebor with backing from Palantir’s Joe Lonsdale first appeared on Tech Startups.
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