The financial services company Erebor, backed by billionaire Peter Thiel, has received regulatory approval to launch operations in the United States—an action that could help fill the void left by the collapse of Silicon Valley Bank in 2023.
According to the Financial Times, Erebor has obtained a preliminary banking license but still needs to pass several compliance and security reviews before it can begin operations—this process could take several months.
The Office of the Comptroller of the Currency (OCC) confirmed this approval, with Director Jonathan V. Gould stating, "Permitted digital asset activities… have a place in the federal banking system if conducted in a safe and sound manner."
Erebor positions itself as a lending institution for the so-called innovation economy, focusing on businesses in areas such as cryptocurrency, artificial intelligence, and advanced technology.
"We want to be a stable, low-risk, reliable bank that engages in normal banking activities without messing things up for everyone due to excessive risk," a person close to the company told the Financial Times.
Early reports indicate that Erebor aims to become a key source of funding for early-stage startups that struggle to secure capital from traditional markets amid tightening regulatory scrutiny.
This cautious approach largely stems from the turmoil among U.S. regional banks in March 2023, when Silicon Valley Bank, Silvergate Bank, Signature Bank, and First Republic Bank all collapsed or were taken over. Rising interest rates have also made it more difficult for businesses to obtain financing.
This approval comes at a time of strong regulatory momentum in the U.S., as President Trump has signed a significant stablecoin bill into law, and Congress is weighing additional legislation regarding cryptocurrency market structure and central bank digital currency (CBDC) restrictions.
Several cryptocurrency companies are seizing the opportunity to seek regulatory approval to expand their operations.
Cryptocurrency exchange Coinbase has applied to the OCC for a national trust company license, joining other digital asset companies seeking similar licenses. Although Coinbase has stated it does not intend to become a bank, the license would allow it to expand into areas such as payment and custody services.
USDC stablecoin issuer Circle has also applied to establish a national trust bank, while Ripple Labs has applied for a similar license.
However, this move has not been welcomed by everyone. Trade groups for U.S. banks and credit unions have urged the OCC to delay granting banking licenses to cryptocurrency companies, citing "significant policy and procedural concerns."
Custodia Bank founder Caitlin Long countered these objections, pointing out that the issue is likely to end up in court.
Long believes that whether a trust license can effectively function as a banking license—allowing institutions to lend and obtain a Federal Reserve master account with only a small fraction of the capital required for a full-service bank—"is likely to be litigated."
Related: U.S. plans to withdraw $50 million agreement in "Bitcoin Jesus" Roger Ver tax case
Original: “Erebor, backed by Peter Thiel, receives U.S. banking license to fill Silicon Valley Bank void”
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