Palmer Luckey’s Crypto Bank Gets Tentative Federal Approval, Backed by Thiel and Political Network
Palmer Luckey’s Erebor Bank has received conditional approval from federal banking regulators, marking a significant step toward launching a cryptocurrency-focused financial institution. The bank, backed by prominent tech investors Peter Thiel and Joe Lonsdale, reportedly anticipates full approval within six months due to Luckey’s political connections. This development represents the first such approval since Comptroller Jonathan Gould took office in July.
Federal Regulators Grant Preliminary Approval to Crypto Bank
Federal banking regulators have granted conditional approval to Erebor Bank, the cryptocurrency and technology-focused financial institution co-founded by Palmer Luckey and backed by prominent investors Peter Thiel and Joe Lonsdale. According to reports, this preliminary approval represents a crucial milestone toward the bank’s official launch and marks the first such authorization since Comptroller of the Currency Jonathan Gould was sworn in this past July.