BlockBeats News, October 15, the US Office of the Comptroller of the Currency (OCC) has granted "preliminary conditional approval" to Erebor Bank, which is backed by venture capitalist Peter Thiel. The bank plans to serve the cryptocurrency and artificial intelligence sectors.
The OCC approved the application on Wednesday. Comptroller of the Currency Jonathan Gould stated that Erebor Bank is "the first newly chartered bank to receive preliminary conditional approval" since he took office in July this year.
Erebor Bank aims to fill the market gap left by the collapse of Silicon Valley Bank in 2023. According to the Financial Times, the bank was founded in 2025 by Silicon Valley figures Palmer Luckey and Joe Lonsdale, with support from Peter Thiel's Founders Fund and Haun Ventures.
According to the application documents, Erebor Bank will operate as a national bank, providing both traditional banking services and crypto-related products and services. The Financial Times, citing anonymous sources, reported that although Luckey, Lonsdale, and Peter Thiel have close ties to President Trump, the bank's application did not receive "special treatment."