Erebor raises $350 million following OCC and FDIC regulatory approval
Palmer Luckey’s banking startup Erebor, backed by Peter Thiel, has reached a $4.35 billion valuation following its latest funding round led by Lux Capital.
The digital bank, co-founded by technology entrepreneur Palmer Luckey and supported by billionaire investor Peter Thiel, secured $350 million in the most recent investment round, valuing the company at $4.35 billion.
Erebor recently received preliminary conditional approval from the U.S. Office of the Comptroller of the Currency (OCC), a key regulatory milestone toward obtaining a full banking license.Last week, the Federal Deposit Insurance Corporation (FDIC) approved Erebor’s application for deposit insurance, valid for 12 months, and expiring unless the bank is formally chartered or granted an extension.
From VR to defense and now banking innovation
According to Axios, the latest round included both new and existing investors such as Founders Fund, Haun Ventures, and 8VC. The valuation, combined with approvals from the OCC and FDIC, reflects growing interest in financial institutions and banking services focused on cryptocurrency and artificial intelligence.
Palmer Luckey first became known as the founder of Oculus VR, acquired by Facebook, and later as co-founder of Anduril Industries, a defense technology contractor. Erebor joins a growing list of digital-asset-focused companies seeking entry into the banking sector, alongside Coinbase, stablecoin issuer Circle, and Ripple Labs, which have requested national trust charters or similar approvals from the OCC.
Meanwhile, Cointelegraph reports that David Sacks, the “crypto and AI czar” in the Trump administration, said Monday that the SEC and CFTC are expected to issue “clear regulatory guidance for cryptocurrencies.” His comments followed developments at the CFTC, including leadership shifts linked to Mike Selig, underscoring expectations for a more defined regulatory environment for digital assets.
As we wrote, Thiel-backed ETHZilla abandons DAT, embraces real-world assets amid debt repayment
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