Crypto-friendly bank Erebor plans to raise $1.5 billion, institutions such as a16z may participate

TechFlow news, August 11, according to the UK Financial Times, crypto-friendly bank Erebor Bank is seeking to complete a $1.5 billion funding round, with a pre-money valuation target of $8 billion. The company was co-founded by Palmer Luckey and Joe Lonsdale, has received support from 8VC and Haun Ventures, and the new funding round is expected to attract institutions such as Andreessen Horowitz (a16z), Lux Capital, Human Capital, Valor Equity Partners, and SV Angel.

The report states that Erebor is targeting financing needs related to AI infrastructure, but this funding round has not yet been finalized and is expected to be completed within the next few weeks.