Peter Thiel-Backed Crypto Bank Erebor Obtains OCC Charter and Officially Launches

Odaily News: Erebor Bank, which focuses on the cryptocurrency sector, has become the first financial institution to receive a national bank charter during the second term of the Trump administration and officially opened for business today.

Erebor Bank is a specialized bank chartered by the U.S. Office of the Comptroller of the Currency (OCC) built for the innovation economy, with artificial intelligence, defense technology, and digital assets being its three key focus areas.

Erebor is an infrastructure bank serving businesses (not individual consumers). They plan to provide GPU equipment financing for AI data centers, offer contract-backed loans for defense tech startups, and operate a fully functional stablecoin business. Erebor will integrate an internal system for fiat-to-stablecoin conversion, enabling 7×24 operations.

The bank also aims to fill the void left by the collapse of Silicon Valley Bank in 2023. Silicon Valley Bank was a crucial funding channel for early-stage tech companies and venture capital firms, clients often avoided by traditional banks due to higher perceived risks.

Notably, Peter Thiel is a major investor/supporter of Erebor Bank. Peter Thiel's Founders Fund has invested in Erebor Bank, making it one of the bank's early and significant endorsers. Erebor's founders, Palmer Luckey and Joe Lonsdale (co-founder of Palantir and founder of 8VC fund), are both long-term partners/allies of Thiel (Palantir itself is a major Thiel project).