TechFlow, July 3 — According to the Financial Times, PayPal co-founder Peter Thiel has teamed up with several tech billionaires to launch a bank named Erebor, aiming to fill the market gap left by the collapse of Silicon Valley Bank (SVB). The bank will focus on serving startups in sectors such as cryptocurrency, artificial intelligence, manufacturing, and defense technology, and has applied to the Office of the Comptroller of the Currency for a national bank charter.
Erebor was initiated by Palmer Luckey, co-founder of Anduril, and is backed by Joe Lonsdale, co-founder of Palantir, and Thiel's Founder Fund. The co-CEOs are Owen Rapaport and Jacob Hirshman. Notably, Erebor plans to include stablecoins on its balance sheet, though the specific coins have not yet been determined.
