PayPal founder Peter Thiel backs crypto-friendly bank Erebor

PayPal co-founder Peter Thiel is setting up a new financial institution to fill the void left by the collapse of Silicon Valley Bank (SVB).
On the 2nd (local time), the UK's Financial Times (FT) reported, citing sources, that a group of billionaires including Thiel is applying for a US banking charter. If the charter is approved,
The newly established bank will specialize in financial services for startups and cryptocurrency companies and will be known as Ereb
The company is expected to launch under the name "Or." Investors include Till's Founders Fund.
Fund) and Palmer, co-founder of defense industry company Anduril.
Luckey and Joe Lonsdale, founder of venture capital firm 8VC.
Till is a strong advocate of Bitcoin and digital assets in the cryptocurrency industry.
Till is also an investor in the cryptocurrency exchange Bullish, which recently filed for an IPO with the U.S. Securities and Exchange Commission (SEC).
Elebor aims to go beyond being a simple cryptocurrency-friendly bank and become a financial institution that provides loans to early stage startups and high-risk companies that have difficulty securing funding through traditional banking.
This reflects the reality that tighter regulations within the country are making it increasingly difficult for small and medium-sized enterprises and startups to raise funds.