🚨 BREAKING: Palmer Lucky and Peter Theil's stablecoin bank Ererbor gets a key approval from OCC

🚨 BREAKING: Palmer Lucky and Peter Theil's stablecoin bank Ererbor gets a key approval from OCC to become a bank.

Palmer Luckey and Peter Thiel just cleared the first hurdle for a crypto bank.

In four months. Wow.

Erebor is aimed at high net worth individuals, AI companies and tech, and will offer deposits, payments and LENDING.

The OCC has granted preliminary conditional approval to Erebor Bank.

Erebor filed in June.
Got preliminary approval in October.

Industry median for deposit insurance applications: 295 days.

They're tracking at half that.

Erebor still needs FDIC sign-off and full compliance checks.

But one of the hardest doors just opened.

Backers:

Palmer Luckey (Anduril)
Peter Thiel's Founders Fund
Haun Ventures.

Helped raise a total of $275M in capital (mostly regulatory)

Team:

Jacob Hirshman (ex-Circle)
Owen Rapaport (Aer Compliance) as co-CEOs.
Mike Hagedorn (Valley National Bank) as president.

Target market: crypto, AI, defense, manufacturing.

Headquartered in Columbus, Ohio—not Silicon Valley.

Digital-only operations.

Why tho?

SVB collapsed in March 2023.
Tech startups and crypto companies lost their banking partner.
Peter Thiel loudly condemned this moment
The digital asset sector has been underbanked since.

That's a signal about how crypto infrastructure integrates into regulated finance.

If we get a full deposit taking, lending, banking, bank... thats a game changer.

Author

Ai Base Network (ABN), ABN ASIA was founded by people with deep roots in academia, with work experience in the US, Holland, Hungary, Japan, South Korea, Singapore, and Vietnam. ABN Asia is where academia and technology meet opportunity. With our cutting-edge solutions and competent software development services, we're helping businesses level up and take on the global scene. Our commitment: Faster. Better. More reliable. In most cases: Cheaper as well.

Feel free to reach out to us whenever you require IT services, digital consulting, off-the-shelf software solutions, or if you'd like to send us requests for proposals (RFPs). You can contact us at [email protected]. We're ready to assist you with all your technology needs.