Erebor Bank secures first US crypto-focused bank charter

Erebor Bank secured a U.S. national bank charter, becoming the first crypto-focused bank approved during Trump’s second term. It targets startups and high-net-worth clients.

Erebor Bank has become the first newly established, crypto-focused institution to secure a U.S. national bank charter during President Donald Trump’s second term. This approval, granted by the Office of the Comptroller of the Currency after less than eight months of review, signals a major step toward integrating digital assets into mainstream banking. Erebor also received Federal Deposit Insurance Corporation (FDIC) approval, providing depositors with protections rarely available to cryptocurrency users. Launching with $635 million in capital, the bank targets startups, venture-backed companies, and high-net-worth clients, aiming to fill the void left by the collapse of Silicon Valley Bank. The rapid approval process has sparked both praise for innovation and concern from some senators about the risks of expediting charters for crypto-focused firms. Founded by Palmer Luckey and backed by leading technology investors, Erebor recently doubled its valuation to $4 billion following a $350 million funding round led by Lux Capital.