PayPal co-founder and other tech tycoons are planning to build a new bank to serve crypto and AI startups and include stablecoins in their balance sheet
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Planet Daily News: PayPal co-founder Peter Thiel and multiple tech billionaires have jointly initiated the establishment of a new bank called Erebor, aiming to fill the void left by the collapse of crypto-related Silicon Valley Bank. Erebor plans to serve venture capital-backed startups in fields such as artificial intelligence, crypto, manufacturing, and defense, and has currently applied for a national bank charter from the U.S. Office of the Comptroller of the Currency. The two co-CEOs come from software company Argus and crypto payment company
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