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CoinPhoton
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US approves new crypto-friendly national bank, Erebor
The United States has approved a newly created national bank for the first time during President Donald Trump’s second term, granting a charter to crypto-friendly startup Erebor Bank.
The Office of the Comptroller of the Currency (OCC) confirmed the approval on Friday, allowing the institution to operate nationwide. Erebor launches with about $635 million in capital and aims to serve startups, venture-backed companies, and high-net-worth clients—a segment left underserved after the collapse of Silicon Valley Bank in 2023.
Erebor is backed by major technology investors including Andreessen Horowitz, Founders Fund, Lux Capital, 8VC, and Elad Gil. The project was founded by Oculus co-creator Palmer Luckey, who will sit on the board but will not manage day-to-day operations.
The bank is positioning itself as a specialist lender to emerging sectors such as defense technology, robotics, and advanced manufacturing. Target clients include firms developing AI-driven factories, aerospace research, and pharmaceutical production in low-gravity environments. Luckey said traditional banks often lack the expertise to evaluate startups with unconventional assets.
Erebor also plans to integrate blockchain-based payment rails that enable continuous settlement—an uncommon feature in the US banking system, where transactions typically follow business hours. The Federal Deposit Insurance Corporation (FDIC) has already approved deposit insurance for the institution.
Its strategy includes extending credit backed by crypto holdings or private securities and financing purchases of high-performance AI chips.
Erebor previously received preliminary conditional approval from the OCC in October, followed by FDIC approval of its deposit insurance application a month later. The company was valued at around $2 billion in a funding round last year and later reached a $4 billion valuation after raising $350 million in a round led by Lux Capital.
The United States has approved a newly created national bank for the first time during President Donald Trump’s second term, granting a charter to crypto-friendly startup Erebor Bank.
The Office of the Comptroller of the Currency (OCC) confirmed the approval on Friday, allowing the institution to operate nationwide. Erebor launches with about $635 million in capital and aims to serve startups, venture-backed companies, and high-net-worth clients—a segment left underserved after the collapse of Silicon Valley Bank in 2023.
Erebor is backed by major technology investors including Andreessen Horowitz, Founders Fund, Lux Capital, 8VC, and Elad Gil. The project was founded by Oculus co-creator Palmer Luckey, who will sit on the board but will not manage day-to-day operations.
The bank is positioning itself as a specialist lender to emerging sectors such as defense technology, robotics, and advanced manufacturing. Target clients include firms developing AI-driven factories, aerospace research, and pharmaceutical production in low-gravity environments. Luckey said traditional banks often lack the expertise to evaluate startups with unconventional assets.
Erebor also plans to integrate blockchain-based payment rails that enable continuous settlement—an uncommon feature in the US banking system, where transactions typically follow business hours. The Federal Deposit Insurance Corporation (FDIC) has already approved deposit insurance for the institution.
Its strategy includes extending credit backed by crypto holdings or private securities and financing purchases of high-performance AI chips.
Erebor previously received preliminary conditional approval from the OCC in October, followed by FDIC approval of its deposit insurance application a month later. The company was valued at around $2 billion in a funding round last year and later reached a $4 billion valuation after raising $350 million in a round led by Lux Capital.
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