U.S. Regulators Approve New Bank Focused on Innovative Sectors

The U.S. has granted conditional approval for the launch of Erebor, a new bank aiming to serve companies and investors working within sectors like cryptocurrency, artificial intelligence, defense, and manufacturing. Founded by Palmer Luckey and Joe Lonsdale, Erebor plans to capitalize on this burgeoning market, particularly addressing the gap left behind after the collapse of Silicon Valley Bank. Stablecoin operations will be key to its business strategy.