Crypto and AI bank Erebor Bank receives "preliminary conditional approval" from the US OCC

Jinse Finance reported that the US Office of the Comptroller of the Currency (OCC) has granted "preliminary conditional approval" to Erebor Bank, a startup bank backed by Peter Thiel, which will focus on the cryptocurrency and artificial intelligence sectors. OCC Director Jonathan Gould stated that this is the first newly established bank to receive such approval since he took office in July. Erebor Bank is supported by Peter Thiel's Founders Fund and Haun Ventures, aiming to fill the market gap left by the collapse of Silicon Valley Bank (SVB) in 2023. The bank plans to offer both traditional and crypto-related banking services and will hold a portion of cryptocurrencies on its balance sheet. Its headquarters are located in Columbus, Ohio, with a branch in New York.