TechFlow news, October 15 — According to the Financial Times, U.S. regulators have preliminarily and conditionally approved the application to establish Erebor, a new bank founded by Palmer Luckey and Joe Lonsdale. The bank will target businesses and investors in the "innovation economy," including cryptocurrency, AI, defense, and manufacturing sectors. Backed by $275 million in capital, Erebor plans to focus on digital services to fill the market gap left by SVB's collapse, with stablecoins as one of its key business areas. The co-founders previously donated to Trump’s 2024 re-election campaign but stated they received no special treatment during the approval process. Headquartered in Columbus, Ohio, with an additional office in New York, Erebor is expected to officially launch within months, with stablecoin operations playing a significant role. The joint CEOs are Jacob Hirshman and Owen Rapaport. Luckey and Lonsdale will not be involved in day-to-day operations.
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