The Office of the Comptroller of the Currency has granted a national bank charter to Erebor Bank, the first newly created national bank approved during President Donald Trump’s second term, the OCC said Friday. The authorization allows the crypto-friendly lender to operate across the United States.
Erebor is launching with about $635 million in capital and plans to serve startups, venture-backed firms and high-net-worth clients—groups that faced tighter banking access after Silicon Valley Bank’s collapse in 2023. The bank is backed by major technology investors including Andreessen Horowitz, Founders Fund, Lux Capital, 8VC and Elad Gil. Palmer Luckey, co-creator of Oculus, is a founder and will sit on the board but will not manage day-to-day operations.
Positioning itself as a specialist lender, Erebor intends to focus on emerging sectors such as defense technology, robotics and advanced manufacturing, targeting companies involved in AI-driven factories, aerospace research and pharmaceutical production in low-gravity environments. Luckey has likened the bank to a “farmers’ bank for tech,” saying traditional banks often lack the expertise to value startups with atypical assets.
The bank also plans to incorporate blockchain-based payment rails to enable continuous settlement—allowing transactions outside standard business hours—a capability uncommon in U.S. banking. The Federal Deposit Insurance Corporation has approved FDIC insurance for deposits at the institution. Erebor’s lending strategy includes offering credit backed by crypto holdings or private securities and financing purchases of high-performance AI chips.
Erebor received preliminary conditional approval from the OCC in October and later secured FDIC deposit insurance. The startup was valued at roughly $2 billion in a funding round last year and was valued at about $4 billion after raising $350 million in a round led by Lux Capital.
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