“Can a de novo national bank become the crypto-native, stablecoin-issuing successor to Silicon Valley Bank for the AI, defense and digital-asset innovation economy?”
Erebor was conceived in the aftermath of Silicon Valley Bank's 2023 collapse to serve the venture-backed innovation economy — startups in AI, crypto, defense and advanced manufacturing — that lost their preferred banking partner. Backed by Palmer Luckey (Anduril), Joe Lonsdale's 8VC, Peter Thiel's Founders Fund and Haun Ventures, the bank pursued a de novo national charter from the OCC rather than partnering with an existing sponsor bank. Its differentiator is native stablecoin issuance, crypto custody and blockchain-based payment rails held directly on a chartered bank balance sheet, positioning it as the first US crypto-native national bank and a competitor to infrastructure banks like Column and Lead Bank.
Erebor Bank discloses Erebor Bank, N.A. (in-house) as its banking provider, according to the Embedded Finance Index 2026.
Erebor Bank has applied for a national bank charter for Erebor Bank, National Association with the OCC. Status: approved (2026-02-09). Until then its banking services run through Erebor Bank, N.A. (in-house).
Erebor Bank moves money over ACH.
Erebor Bank's lending and capital products are provided by Erebor Bank, N.A. (in-house).
Erebor Bank's crypto products run on Erebor Bank, N.A. (in-house).
The Embedded Finance Index 2026 maps 4 layers in Erebor Bank's stack: Money movement (ACH); Banking / BaaS (Erebor Bank, N.A. (in-house)); Lending (Erebor Bank, N.A. (in-house), Traditional lending products, Loans collateralized by crypto holdings, Loans collateralized by private securities and 1 other); Crypto (Erebor Bank, N.A. (in-house)).
Erebor Bank was founded by Owen Rapaport, Jacob Hirshman, Palmer Luckey and Joe Lonsdale and is founded in 2025, headquartered in Columbus, Ohio, United States.
Erebor Bank has raised $350M in total (latest round: Private round, December 2025; valuation: $4.35B post-money (2025)).
Get a read on where your own stack stands against Erebor Bank and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.