Peter Thiel, Palmer Luckey, And Joe Lonsdale Backed Crypto-Friendly Erebor Bank Gets Preliminary Nod From Regulator
Erebor Bank, a new crypto-focused financial institution backed by prominent tech investors Peter Thiel, Palmer Luckey, and Joe Lonsdale, received preliminary conditional approval for a national bank charter on Wednesday.
OCC Approves Crypto-Friendly Erebor Bank
The Office of the Comptroller of the Currency (OCC) approved the Columbus, Ohio-based bank after what it called a “thorough review,” establishing a potential path for federally regulated banks to engage with digital assets.
The decision marks a significant development for the banking and crypto sectors. Comptroller of the Currency Jonathan V. Gould emphasized that the approval does not represent a blanket barrier for innovative financial services.
“Permissible digital asset activities, like any other legally permissible banking activity, have a place in the federal banking system if conducted in a safe and sound manner,” Gould said in a statement released on wednesday. Erebor is the first de novo bank to receive preliminary approval under Gould’s tenure.
About The Author
