Erebor Secures Conditional U.S. Approval as Federally Chartered Bank
Erebor Approval: Erebor received conditional approval from the U.S. Office of the Comptroller of the Currency to operate as a federally chartered bank. Full activation depends on meeting additional regulatory benchmarks, including compliance infrastructure and potential Federal Deposit Insurance Corporation (FDIC) insurance.
Capital and Backers: The bank secured $275 million in capital commitments. Key backers include Palmer Luckey, Joe Lonsdale, and Peter Thiel’s Founders Fund, all serving as strategic investors without operational roles.
Strategic Scope: Erebor targets sectors underserved by traditional banking, such as crypto, AI, defense, and advanced manufacturing. It will hold and issue stablecoins under strict federal oversight.
Leadership and Structure: Based in Columbus, Ohio, with an office in New York, Erebor is led by co-CEOs Jacob Hirshman and Owen Rapaport. Founders' exclusion from management aims to streamline compliance and reduce regulatory friction.
