A group of tech billionaires, including Anduril co-founder Palmer Luckey and Palantir co-founder Joe Lonsdale, are launching a new crypto-focused bank called Erebor. The bank aims to serve technology businesses in areas like artificial intelligence, crypto, defense, and manufacturing, as well as individuals who work at or invest in them.
Erebor has applied for a national bank charter and plans to operate as a digital-only institution with a secondary office in New York. The bank’s founders expect it to become “the most regulated entity conducting and facilitating stablecoin transactions.” Luckey and Lonsdale will not be involved in the day-to-day management of the bank.
The new bank is seen as an attempt to fill the void left by Silicon Valley Bank’s collapse, which had been a major primary banking channel for early-stage technology firms. The proposed lender aims to provide stability and access to capital for startups and individuals who struggle to meet immediate obligations like payroll payments.
Erebor’s headquarters will be in Columbus, Ohio, where Anduril is planning a nearly $1 billion manufacturing facility. This move comes as other new banks have launched in central Ohio in recent years, including Adelphi Bank and Fortuna Bank.
Source: https://eu.dispatch.com/story/business/2025/07/02/peter-thiel-palmer-luckey-launching-columbus-ohio-bank-replace-svb-tech-billionaires/84446450007