Billionaire TechGods hope to open a digital only bank in Columbus, Ohio. The group includes TechGod of War Palmer Luckey, TechGod of Spying Joe Lonsdale and Superior TechGod Peter Thiel.
Erebor, the people-less digital bank, will fill the void left by the collapse of Silicon Valley Bank. Really, regulators are going to approve a new bank for the person who took down the old?
If it had been Apple Valley bank with regular folk the normal FDIC max of $250,000 would have held.
Erebor will be a crypto focused bank and hold stablecoins, also known as "the pretty." Thiel already has a Bitcoin Treasury gig with Anthony Pompliano's ProCap Financial.
Erebor's name has interesting roots.
Erebor is a churn play by Palmer Luckey who plans to employ 4,000 workers by 2035. Those people need a bank. Why not a captive one?