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Benzinga
Benzinga
Business
Kaustubh Bagalkote

Palmer Luckey, Peter Thiel, Joe Lonsdale Launch Erebor Bank For Startups, Crypto And Defense — A Digital-Only Bet On The Post-SVB Era: Report

Palmer Luckey Joe Lonsdale SVB United States Cryptocurrency Founders Fund
Cleveland,,Ohio,,Usa,,July,21,,2016,Peter,Thiel,Co-founder,Of

Defense tech billionaire Palmer Luckey is spearheading the launch of Erebor, a digital-only bank targeting startups, cryptocurrency businesses, and defense contractors left underserved after Silicon Valley Bank‘s collapse in March 2023.

What Happened: The venture brings together a powerhouse of tech investors. Joe Lonsdale, founder of venture capital firm 8VC and co-founder of Palantir Technologies Inc. (NYSE:PLTR), confirmed his financial backing to the project. Peter Thiel‘s Founders Fund will also invest, The Financial Times reported, citing sources.

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