Erebor Bank Secures First National Charter Under Trump’s Second Term
By John Nada·Feb 7, 2026·2 min read
Erebor Bank receives the first national charter under Trump’s second term, targeting tech startups and integrating blockchain payments.
The U.S. has granted a national bank charter to Erebor Bank, marking the first such approval during President Donald Trump’s second term. This crypto-friendly startup, confirmed by the Office of the Comptroller of the Currency (OCC), is set to operate nationwide, according to the Wall Street Journal. With around $635 million in initial capital, Erebor aims to support startups, venture-backed companies, and high-net-worth clients, a demographic underserved since the 2023 collapse of Silicon Valley Bank.
Backed by notable technology investors including Andreessen Horowitz and Lux Capital, Erebor was founded by Oculus co-creator Palmer Luckey, who will sit on the board. The bank plans to specialize in emerging industries such as defense technology, robotics, and advanced manufacturing. Luckey described Erebor as a 'farmers’ bank for tech,' emphasizing the traditional banks' inadequacies in assessing unconventional assets.
Erebor is set to integrate blockchain-based payment systems for continuous settlement, a feature not common in the U.S. banking landscape. The Federal Deposit Insurance Corporation has already approved deposit insurance for the bank. Its strategy includes extending credit backed by crypto holdings and financing for high-performance AI chip purchases.
Erebor’s valuation skyrocketed from roughly $2 billion to $4 billion after a successful funding round led by Lux Capital. This rapid growth signals strong investor confidence in the bank’s innovative approach. The OCC earlier granted conditional approval for Erebor, followed by the Federal Deposit Insurance Corporation’s endorsement of its deposit insurance.
This development is significant for the crypto and tech sectors, as it highlights a shift in banking towards accommodating innovative businesses. As Erebor sets out to redefine banking for tech startups, its success could pave the way for more crypto-friendly financial institutions in the U.S. The implications for the market are profound; a new wave of banking services tailored for the tech industry may emerge, reshaping the financial landscape.