Peter Thiel and a group of tech billionaires are establishing a new bank, Erebor, to replace the defunct Silicon Valley Bank, which served many crypto and tech startups. The initiative is led by Anduril co-founder Palmer Luckey, supported by key figures like Joe Lonsdale and Thiel’s Founder Fund. Erebor aims to cater to companies in artificial intelligence, cryptocurrency, manufacturing, and defense sectors that have traditionally struggled to access services from conventional financial institutions. Having filed for a national bank charter, Erebor plans to add stablecoins to its balance sheet while serving venture capital-backed startups turned away by other banks due to their high-risk profiles. This move comes in a context where favorable regulatory changes, under President Trump, are expected to facilitate a boom in the digital asset market. The bank's creation signifies a pivotal shift as the cryptocurrency landscape prepares for significant growth amidst evolving government support and industry reinvigoration.

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