Peter Thiel Launches Erebor Bank to Support Crypto, AI, and Startups

Peter Thiel Launches Erebor Bank to Support Crypto, AI, and Startups AllinCrypto July 4, 2025

Peter Thiel, co-founder of PayPal and Palantir Technologies, is teaming up with other fintech leaders to launch Erebor Bank, a new financial institution designed to serve cryptocurrency startups and next-generation technology firms.

The initiative follows the collapse of Silicon Valley Bank in 2023, which left a significant gap in banking services for crypto-focused businesses.

Erebor has already filed for a national bank charter with the Office of the Comptroller of the Currency, meaning the public will see Erebor appear for services very soon.

Theil to Start New Crypto-Focused Bank

Thiel has long been a prominent advocate for Bitcoin and the broader digital asset space. He has previously invested in Bullish Global, a cryptocurrency exchange launched in 2021 that targets institutional investors and high-volume traders. The platform is known for its deep liquidity and minimal trading fees.

In June 2025, Bullish Global filed for an initial public offering with the U.S. Securities and Exchange Commission. The company is led by Tom Farley, former president of the New York Stock Exchange.

Thiel’s connections within the crypto industry give Erebor a solid foundation as it seeks to redefine how banking is done for crypto, AI, and fintech startups in the United States.

Erebor’s mission is inspired by the role Silicon Valley Bank once played in the tech and crypto ecosystem. The new bank will focus on serving businesses involved in digital assets, artificial intelligence, defense technology, manufacturing, and financial innovation.

According to reports, defense tech company Anduril and its co-founder, Palmer Luckey, are playing a significant role in Erebor’s development. Joe Lonsdale, a co-founder of Palantir alongside Thiel, is also said to be involved in the venture.

The Return of a New Silicon Valley Bank?

The collapse of Silicon Valley Bank in March 2023 was one of the largest bank failures in U.S. history. It severely disrupted banking services for a wide range of startups and crypto firms.

Companies such as Circle, BlockFi, and Avalanche had relied on SVB for financial services that were difficult to obtain elsewhere due to the risk-averse nature of traditional banks.

SVB’s downfall was triggered by poor investment decisions, particularly heavy exposure to low-yield bonds during a period of rising interest rates. Erebor seeks to avoid similar pitfalls while providing a stable and innovative banking solution for companies operating at the edge of technology.

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