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Palantir founder and Anduril CEO advocate: The encryption bank Erebor, valued at $4.35 billion, has received FDIC approval and will launch in 2026.
[Chain News] Major developments have emerged in the field of encryption and technology financing. A new type of bank, Erebor, which focuses on serving clients in the digital asset and technology industries, has just completed a $350 million funding round. The investment lineup is quite impressive—led by well-known venture capital firm Lux Capital, with participation from Founders Fund, 8VC, Haun Ventures, and others. The post-funding valuation reached $4.35 billion.
What is more noteworthy is Erebor's progress in regulatory matters. This bank has obtained FDIC deposit insurance approval and holds a preliminary banking license. It is scheduled to officially launch in 2026.
From the background, Erebor has received support from heavyweight figures in Silicon Valley. Palantir co-founder Peter Thiel and Anduril CEO Palmer Luckey are jointly promoting this project. This combination itself indicates something — the traditional high-tech circle is beginning to seriously layout encryption financial infrastructure.
Why is this matter interesting? Because this is not just a financing, but a compliant construction of encryption-friendly banking services within the framework of the existing financial system. FDIC insurance means that user deposits have legal protection, which is a necessity for encryption users. Many projects have been shouting for years about “bridging traditional finance and Web3,” but Erebor seems to really want to see how far it can go.