Palmer Luckey’s Erebor Bank, designed to finance cryptocurrency, defense and technology companies, has moved one step closer to going into business.
The Federal Deposit Insurance Corporation — often called simply FDIC — said earlier this week it had conditionally approved a deposit insurance application to establish the national bank, which will be headquartered in Columbus, Ohio.
Among the conditions, Erebor Bank will be required to implement protocols to comply with FDIC regulations regarding processing of deposit accounts in the event of a bank failure.
Another government agency, the Office of the Comptroller of the Currency, has already granted the bank preliminary approval. Final approval will be needed before Erebor can be officially launched.
