Crypto Biz: Peter Thiel eyes the SVB throne
Peter Thiel and other billionaires are planning Erebor, a new bank to fill the void left by Silicon Valley Bank’s collapse — with crypto firms and startups in focus.
Peter Thiel and other tech billionaires have reportedly spotted a major market opportunity in the void left by Silicon Valley Bank’s (SVB) 2023 collapse. They are now planning to launch a new financial institution — named after a Lord of the Rings reference — to serve crypto companies and startups that have struggled to secure financing since SVB’s downfall.
SVB’s dramatic collapse in 2023 triggered contagion across the US banking sector and led to tighter lending standards. While its assets were later acquired by First Citizens Bank, no institution has stepped in to fill SVB’s unique role — until now.
For context: Before its collapse, SVB banked nearly half of all venture-backed technology and life sciences companies in the United States.
