Palmer Luckey’s Crypto Bank Gets FDIC Approval
Erebor Bank, Palmer Luckey’s finance startup backed by some of the biggest names in tech, got one step closer to launching after it cleared another key federal hurdle this week.
The Federal Deposit Insurance Corp. approved Erebor on December 16 with conditions: The bank is subject to a strict capitalization requirement and must have investors ready to provide more funding if called upon.
The bank still requires final approval from the Office of the Comptroller of the Currency. It received preliminary approval from the OCC in October.
Todd Baker, a senior fellow at Columbia University and a consultant to fintech companies who isn’t involved with Erebor, said in an email that he would expect Erebor to get…
