A group of tech billionaires, led by Palmer Luckey, co-founder of Anduril, is launching a U.S. bank called Erebor to serve startups, including Bitcoin and other crypto businesses, according to the Financial Times. The bank will be backed by investors like 8VC founder Joe Lonsdale and Palantir co-founder Peter Thiel, sources say.
NEW: 🔥 PayPal co-founder Peter Thiel and Anduril founder Palmer Luckey are launching Erebor, a digital bank built for crypto and tech startups. pic.twitter.com/QcoekW3LNA
— CoinDesk (@CoinDesk) July 2, 2025
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Is Erebor Bank A Good Idea?
The popularity of cryptocurrency is growing, and now even banks and Web2 companies are showing friendly behavior towards it. Erebor focuses on U.S. companies in the innovation sectors like crypto, AI, defense, and manufacturing. They’ll also serve people working in or investing in those industries, plus international businesses wanting to get into the U.S. banking system.
Erebor is going digital-only, with a secondary office in New York. They’re also planning to hold stablecoins on their balance sheet, which is pretty bullish.
The bank’s goal is to be “the most regulated entity handling stablecoin transactions,” according to its charter application. Erebor aims to fill the gap left by the collapse of Silicon Valley Bank. Before its March 2023 crisis, SVB was the top choice for early-stage tech companies and VCs, but many startups struggled to access funding and cover payroll after it shut down.
This move follows the growing trend of startups launching entirely on crypto. Last month, Solana and its co-founder backed the Internet Capital Markets (ICM) campaign, which aims to help companies raise funds through crypto. Notable names include Venmo co-founder Magdon Ismael and his JellyJelly project, as well as Snorter, which is raising funds through a presale and already catching the attention of many investors.
Snorter Presale: New Company Raising Through Crypto Presale?
Snorter’s out here with a 235% APY staking reward, plus free tokens just for holding. This isn’t your usual memecoin; it’s a Telegram bot that auto-trades for you, fast and safe, perfect for the market now.
While other bots are lagging or dealing with network issues, Snorter’s cutting all that out and keeping you ahead when it counts.
You won’t have to deal with slow DApp swaps here. Snorter swaps fast with a tiny 0.85% fee, way cheaper than the usual 1% most bots charge. Plus, it’s got MEV/sandwich protection and honeypot detection to keep your trades safe.
Snorter's packing private Solana RPC infrastructure ready send your mfin wallet into orbit. pic.twitter.com/OneIUGjynP
— Snorter (@SnorterToken) July 2, 2025
$SNORT is currently in its presale phase and is still very early in development. Before the price jumps, it has raised over $1 million and is currently trading at a low of $0.095. Grab it now before the price goes up and the market starts to bounce back.
Now past $1.45 million in presale, Snorter Token (SNORT) is set up for big moves, giving traders the edge in a market where timing and quick action are key.
The presale is live and accessible via the Snorter Token site, supporting SOL, ETH, BNB, USDT, USDC, and credit card payments.
Best Wallet is available now on Google Play or the Apple App Store.
Follow Snorter on X and Instagram for the latest updates.
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Key Takeaways
- Erebor Bank aims to serve crypto and tech startups, filling the gap left by Silicon Valley Bank’s collapse.
- The bank plans to focus on stablecoin transactions and be a highly regulated entity in the crypto space.
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