A group of tech billionaires is establishing a U.S. bank named Erebor, with a focus on supporting startups, including Bitcoin and other crypto businesses. The bank will be led by CEO Owen Rapaport and co-CEOs Jacob Hirshman and will include executives from Valley National Bank. Erebor seeks to provide traditional banking and virtual currency services. Targeting the U.S. innovation economy, it aims to fill the gap left by Silicon Valley Bank, focusing on underserved customers, particularly in digital currencies and stablecoins.
"The bank will be a national bank... providing traditional banking products, as well as virtual currency-related products and services, for businesses and individuals."
"Erebor aims to become 'the most regulated entity conducting and facilitating stablecoin transactions.'"
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