The first cryptocurrency bank in the U.S. receives the green light, backed by Thiel, Luckey, and Lonsdale.

The digital asset banking just took a significant step forward. Erebor Bank is officially the first cryptocurrency bank with federal approval in the U.S., backed by Peter Thiel, Palmer Luckey, and Joe Lonsdale.

With a capital of 275 million dollars and plans to operate exclusively in digital format, Erebor still needs FDIC approval before its opening. If it passes this stage, it could become a key player in the stablecoin market, custody, and cryptocurrency lending.