The United States has approved the creation of a new national bank for the first time in President Donald Trump’s second term, granting a charter to crypto-friendly startup Elever Bank.
The Office of the Comptroller of the Currency (OCC) confirmed the approval on Friday, allowing lenders to operate nationwide, The Wall Street Journal reported, citing people familiar with the matter.
The agency was founded with approximately $635 million in capital and aims to serve startups, venture-backed companies, and high-net-worth clients that have been underserved since the 2023 Silicon Valley bank failure.
Erebor is backed by prominent technology investors including Andreessen Horowitz, Founders Fund, Lux Capital, 8VC, and Elad Gil. The project was founded by Oculus co-creator Palmer Lackey. Although he will serve as a director, he will not manage day-to-day operations.
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Erebor targets defense technology, robotics, and AI
The bank is reportedly positioning itself as a specialist lender to emerging industries such as defense technology, robotics and advanced manufacturing. Potential customers include companies developing AI-driven factories, aerospace research, and pharmaceutical production in low-gravity environments.
“You can think of us as a farmers’ bank for high-tech,” Lackey told the Journal, arguing that traditional banks often lack the expertise needed to value startups with unconventional assets.
Erebor also plans to integrate a blockchain-based payment rail that will enable continuous payments, a rare feature in the US banking system where transactions follow regular business hours. The Federal Deposit Insurance Corporation previously approved deposit insurance for the institution.
The bank’s strategy includes expanding credit backed by its cryptocurrencies and private securities holdings, as well as financing the purchase of sophisticated artificial intelligence chips.
Related: OCC Comptroller says review of WLFI charter will remain apolitical
Erebor’s valuation reaches $4 billion
In October, Erebor received interim conditional approval from the OCC. A month later, the company’s application for deposit insurance was approved by the Federal Deposit Insurance Corporation.
Erebor was valued at around $2 billion in a funding round last year, and has since raised $350 million in a funding round led by Lux Capital, bringing its valuation to $4 billion.
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