In a historic move, the United States granted a national bank charter to the crypto-focused startup Erebor Bank, marking the first new bank approval during President Donald Trump’s second term.
The Office of the Comptroller of the Currency (OCC) confirmed the approval on Friday, allowing Erebor to operate nationwide.
The bank launches with approximately $635 million in capital and plans to cater to startups, venture-backed companies, and high-net-worth individuals—a group left underserved after the 2023 collapse of Silicon Valley Bank.
Backing Erebor are prominent technology investors including Andreessen Horowitz, Founders Fund, Lux Capital, 8VC, and Elad Gil.
Oculus co-creator Palmer Luckey is on the board, though he will not manage day-to-day operations.
Analysts note that Erebor’s charter signals a gradual embrace of crypto-focused banking solutions in the US, potentially encouraging further innovation in financial products for tech companies and digital asset users.
