Erebor Bank has no physical branches. It was founded by TechGods Peter Thiel and Palmer Luckey, in part to serve Anduril's banking needs relative to their giant new Ohio manufacturing plant. Fees, even bank fees, need to be kept within the TechGod family.
Banking Dive reported Erebor Bank will cater to:
start-ups and high-net-worth individuals within the cryptocurrency, artificial intelligence, defense and manufacturing sectors.
Silicon Valley Bank (SVB), now bankrupt, catered to:
technology, life science/healthcare, and venture capital industries, serving as a specialized financial partner for startups, private equity firms, and their founders (wealthy).Add a smattering of crypto to that SVB client mix. Sounds like Erebor is targeting the same clientele.
Peter Thiel wouldn't make a run on his own Bank of the TechGods. Would he?
Masking "advanced autonomous banking" with Hobbit lore should make any financial professional nervous.
From SVB to Synapse, TechGods don't have a sterling reputation in the banking sector. They do know how to convince politicians to give them new lanes of business to disrupt. Erebor Bank is one of these.
Before one makes an Erebor deposit one should consider the source and who you might be banking alongside:
Evil is as evil does in the hallowed halls of power.
