OC entrepreneur Palmer Luckey has gotten approval to start his new bank, Erebor, which will cater to tech startups and wealthy individuals.
The Office of the Comptroller of the Currency, which oversees national bank charters, confirmed the approval of Erebor’s charter last week.
It is the first new bank approved by the second Trump administration and will be focused on cryptocurrency. Erebor will reportedly be launched with $635 million in capital, and will fill a space left by the collapse of Silicon Valley Bank.
Luckey is the co-founder of defense company Anduril Industries.
Read more in our March 2 print edition.
