Derived from Odaily, Erebor, a crypto-focused bank startup, has completed a $350 million funding round led by Lux Capital after receiving approval from the U.S. Federal Deposit Insurance Corporation (FDIC). Existing investors include Founders Fund, 8VC, and Haun Ventures. The company is valued at approximately $4.35 billion. The FDIC approved Erebor’s deposit insurance application last week, making it a newly established national bank. Founded in 2025 by Anduril CEO Palmer Luckey and Joe Lonsdale, Erebor plans to offer both traditional banking services and crypto-related products, targeting U.S. tech companies in virtual currency, AI, defense, and manufacturing, as well as payment service providers, investment funds, and trading firms. The bank is expected to launch operations in 2026.
Crypto Bank Erebor Completes $350M Funding Round Led by Lux Capital
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Summary
Erebor, a crypto-focused bank startup, has closed a $350 million project funding news round led by Lux Capital. The company, now valued at $4.35 billion, received FDIC approval for deposit insurance last week. Founders include Palmer Luckey and Joe Lonsdale. Existing backers like Founders Fund and Haun Ventures also participated. Erebor plans to serve U.S. tech firms in crypto, AI, and defense. The bank will launch in 2026. This move marks a major crypto news development in the banking sector.
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