The cryptocurrency bank Erebor Bank has been approved to operate in the United States

ChainCatcher news, according to market news, the crypto bank Erebor Bank has been approved to operate in the United States. This bank is backed by Palmer Lucky and Peter Thiel, aiming to fill the gap left by the collapse of Silicon Valley Bank.

According to its bank license application, Erebor's target market is businesses in the U.S. "innovation economy," particularly tech companies focused on cryptocurrency, artificial intelligence, defense, and manufacturing. It will also provide services to individuals working for or investing in these companies.