Crypto-Friendly Bank Erebor Bank Seeks Funding, Valuation of at Least $8 Billion

BlockBeats News, July 2nd, the crypto-friendly bank Erebor Bank, supported by Peter Thiel, is currently seeking funding negotiations at a valuation of at least $8 billion, only five months after obtaining a banking license. This valuation is close to twice the $4.35 billion valuation at the end of last year, with its founder being Palmer Luckey. The bank's deposit size has nearly doubled in the past three months, reaching $4.05 billion, acquiring nearly 400 new customers, and is expected to be profitable by the end of this year.

Erebor Bank's previous investors include Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund, focusing on clients in the defense technology and cryptocurrency sectors, aiming to fill the market gap left by Silicon Valley bank closures. Despite being deeply connected to the California tech circle of Luckey and Thiel, Luckey emphasized that this quarter's deposit growth came entirely from hundreds of new customers rather than his own company network. Erebor Bank is rapidly rising in the tech finance sector due to its rapid growth and its connections within the U.S. political and Silicon Valley spheres.