Erebor Bank, supported by billionaire investors, becomes the first newly chartered national bank under Trump’s second term, aiming to serve markets disrupted by Silicon Valley Bank’s collapse.
Crypto-friendly Erebor Bank has received a U.S. national bank charter with $635 million in startup capital, marking the first new charter issued in Donald Trump’s second presidential term. Backed by billionaire investors, the bank seeks to address the market gap left by the 2023 collapse of Silicon Valley Bank, which disrupted financial services for startups and technology firms. U.S. regulators approved the launch earlier, signaling a shift toward more diversified banking options.