what's Erebor Bank?
Erebor Bank is a digital-only national bank designed to serve high-growth tech sectors including cryptocurrency, artificial intelligence, defense, and manufacturing. Founded by prominent Silicon Valley figures and backed by investors such as Peter Thiel, Palmer Luckey, and Joe Lonsdale, it combines traditional banking services like loans and payroll with blockchain-enabled features including stablecoin custody, payments, and integration for crypto-native businesses. The bank received conditional approval for a U.S. national bank charter from the Office of the Comptroller of the Currency (OCC) and FDIC deposit insurance, positioning it as one of the first regulated institutions explicitly built for the crypto economy following gaps left by collapses like Silicon Valley Bank. Named after the dwarven kingdom in J.R.R. Tolkien's lore, Erebor aims to provide reliable financial infrastructure for innovative startups in emerging technologies.
Erebor secured $275M from Luckey/Thiel, filed for FDIC insurance, and received conditional approval.
Maintains a 12% capital ratio.
Raised $275M in Series B funding from Palmer Luckey, Peter Thiel, and Haun Ventures, with Diogo Monica serving as a board member.
Filed for FDIC deposit insurance on July 28, 2025, with full operations expected approximately 6 months after the October 15 conditional approval.
Received national banking charter with OCC approval for stablecoin transactions.
Received preliminary conditional approval from the OCC to operate as a cryptobank facilitating stablecoin transactions, the first OCC charter under Trump's second administration in under eight months.
Digital bank positions itself as infrastructure for military-industrial complex and AI startups, with focus on intelligence operations and monitoring capabilities.
Launched digital bank for crypto firms and tech startups with Peter Thiel, Palmer Luckey, partnered with 776, on 2026-02-09 with $635M in capital. Held event at NYSE on February 20, 2026.