Crypto-focused Erebor Bank has received a U.S. national banking charter, becoming the first bank to gain such approval during President Donald Trump’s second term, the Wall Street Journal reported. The approval allows Erebor to operate nationwide and came less than eight months after the bank applied with the Office of the Comptroller of the Currency.
The bank was launched by Palmer Luckey, co-founder of defense technology firm Anduril, and received conditional regulatory approval last October. Investors include Joe Lonsdale, co-founder of Palantir, with Peter Thiel also widely reported to back the initiative.
According to its charter application, Erebor aims to serve companies operating in artificial intelligence, cryptocurrency, defense, and manufacturing, along with individuals who work in or invest in those sectors. The bank is also positioning itself to fill the gap left by the collapse of Silicon Valley Bank in 2023, an event that disrupted financing for startups and venture capital firms considered too risky by traditional lenders.
Regulators have not commented publicly on the approval. Erebor’s launch reflects renewed efforts to rebuild specialized banking services for high-growth technology sectors amid ongoing debate over crypto regulation and financial stability.
