Erebor, a new banking startup, has successfully raised $350 million in funding, led by Lux Capital. 🚀 This significant achievement follows the official approval of its deposit insurance application by the U.S. FDIC.

With a valuation now around $4.35 billion, Erebor is set to operate as a national bank. Its innovative model will offer both traditional banking services and specialized crypto-related financial products. 🌐

The startup aims to serve innovation-driven companies across key sectors like virtual currency, AI, and defense. Expect Erebor to launch its operations next year, bringing a unique blend of services to the market. 💡