PayPal co-founder and other tech tycoons are planning to build a new bank to serve crypto and AI startups and include stablecoins in their balance sheet

Odaily News PayPal co-founder Peter Thiel and several tech billionaires have jointly launched a new bank called Erebor, which aims to fill the gap left by the collapse of crypto-related Silicon Valley banks. Erebor plans to serve venture-backed startups in the fields of artificial intelligence, crypto, manufacturing and defense, and has applied for a national banking license from the U.S. Office of the Comptroller of the Currency. The two co-CEOs come from software company Argus and crypto payment company Circle. The bank may include stablecoin assets, but details have not yet been announced. (Decrypt)