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Erebor Bank Gets Conditional U.S. Approval to Launch Crypto and AI Services

coinpaprika.com

9 hour ago

Erebor Bank Gets Conditional U.S. Approval to Launch Crypto and AI Services

Erebor has received conditional approval from the U.S. Office of the Comptroller of the Currency to operate as a federally chartered bank. Full activation depends on meeting additional regulatory benchmarks, including compliance infrastructure and potential Federal Deposit Insurance Corporation insurance. Capital and backersThe bank secured $275 million in capital commitments. Key backers include Palmer Luckey (founder of Oculus and Anduril), Joe Lonsdale (co-founder of Palantir, managing partner at 8VC), and Peter Thiel’s Founders Fund. All serve as strategic investors; none hold operational roles. Strategic scopeErebor targets sectors labeled as underserved by traditional banking: crypto, AI, defense, and advanced manufacturing. Regulatory filings confirm the bank will hold and issue stablecoins directly, positioning this as a core line of business under strict federal oversight. Leadership and structureHeadquartered in Columbus, Ohio, with a secondary office in New York, Erebor will be led by co-CEOs Jacob Hirshman and Owen Rapaport. The founders’ exclusion from management roles is intended to streamline compliance and mitigate regulatory friction. Capital and backersThe bank secured $275 million in capital commitments. Key backers include Palmer Luckey (founder of Oculus and Anduril), Joe Lonsdale (co-founder of Palantir, managing partner at 8VC), and Peter Thiel’s Founders Fund. All serve as strategic investors; none hold operational roles. Strategic scopeErebor targets sectors labeled as underserved by traditional banking: crypto, AI, defense, and advanced manufacturing. Regulatory filings confirm the bank will hold and issue stablecoins directly, positioning this as a core line of business under strict federal oversight. Leadership and structureHeadquartered in Columbus, Ohio, with a secondary office in New York, Erebor will be led by co-CEOs Jacob Hirshman and Owen Rapaport. The founders’ exclusion from management roles is intended to streamline compliance and mitigate regulatory friction. Strategic scopeErebor targets sectors labeled as underserved by traditional banking: crypto, AI, defense, and advanced manufacturing. Regulatory filings confirm the bank will hold and issue stablecoins directly, positioning this as a core line of business under strict federal oversight. Leadership and structureHeadquartered in Columbus, Ohio, with a secondary office in New York, Erebor will be led by co-CEOs Jacob Hirshman and Owen Rapaport. The founders’ exclusion from management roles is intended to streamline compliance and mitigate regulatory friction. Leadership and structureHeadquartered in Columbus, Ohio, with a secondary office in New York, Erebor will be led by co-CEOs Jacob Hirshman and Owen Rapaport. The founders’ exclusion from management roles is intended to streamline compliance and mitigate regulatory friction.

https://coinpaprika.com/news/erebor-bank-gets-conditional-u-s-approval-to-launch-crypto-and-ai-services/