Crypto-Friendly Erebor Bank Seeks Funding at Over $8 Billion Valuation: Bloomberg

Erebor Bank is reportedly in discussions to secure new funding at an $8 billion valuation, marking a sharp increase from its $4.35 billion valuation at the end of last year, according to Bloomberg.

The planned fundraising follows the bank's efforts to grow its business serving companies in the defense technology and cryptocurrency industries. Established by Anduril Industries founder Palmer Luckey and supported by investor Peter Thiel, Erebor has also received a national bank charter from the Office of the Comptroller of the Currency (OCC), expanding its ability to operate as a federally regulated lender.

The bank's existing backers include Lux Capital, a16z, 8VC, and Founders Fund.

Source: Bloomberg