Erebor, the Cryptocurrency Bank, Completes $350 Million Funding Round with Lux Capital as Lead Investor

BlockBeats News, December 23rd, according to Axios report, banking startup Erebor has completed a new $350 million funding round led by Lux Capital after receiving approval from the Federal Deposit Insurance Corporation (FDIC) in the United States. Sources familiar with the matter revealed that Erebor's existing investors include Founders Fund, 8VC, and Haun Ventures. The company is valued at approximately $4.35 billion.

It is reported that the FDIC officially approved Erebor's deposit insurance application last week, making it a newly established national bank. Erebor was founded in 2025 by Anduril CEO Palmer Luckey and Joe Lonsdale, with early support from Peter Thiel and Haun Ventures. According to its bank charter application, Erebor plans to offer both traditional banking services and crypto-related products and services simultaneously.