Thiel-backed Erebor wins US approval as Silicon Valley Bank rival emerges
Erebor’s green light from US regulators is among the most significant bank charter approvals tied to digital assets since the 2023 regional banking crisis.
Erebor, a financial services company backed by billionaire Peter Thiel, has received regulatory approval to launch in the United States — a move that could help fill the gap left by the collapse of Silicon Valley Bank in 2023.
According to a report by the Financial Times on Wednesday, Erebor has secured a preliminary banking charter but must still clear several compliance and security hurdles before it can begin operations — a process that could take several months.
The approval was confirmed by the Office of the Comptroller of the Currency (OCC), with Comptroller Jonathan V. Gould saying that “permissible digital asset activities […] have a place in the federal banking system if conducted in a safe and sound manner.”
