Tech billionaires choose Ohio for new crypto-focused bank backed by Luckey, Lonsdale, and Thiel
A group of tech titans including Anduril co-founder Palmer Luckey, Palantir co-founder Joe Lonsdale, and Founders Fund’s Peter Thiel is launching a new U.S. bank, named Erebor, and choosing Columbus, Ohio as its headquarters.
The crypto-focused bank aims to fill the gap left by the collapse of Silicon Valley Bank, which once served as a critical financial partner for startups and VCs deemed too risky by traditional banks. Erebor’s national bank charter application outlines a digital-only model with a secondary office in New York. The news was first reported by the Financial Times.
Why it matters
The move is a major vote of confidence in Ohio’s rising prominence as a national tech and innovation hub. It also deepens the state’s ties to major players in the defense, crypto, and FinTech sectors. Erebor's Columbus HQ will sit just miles from Anduril’s planned $1 billion advanced manufacturing facility, further cementing central Ohio as a strategic hub for U.S. tech and defense innovation.
What Erebor will do
According to public filings, Erebor will serve:
Early-stage companies in artificial intelligence, crypto, defense, and manufacturing
The individuals who work for and invest in those sectors
The bank will be led by Owen Rapaport and Jacob Hirshman, the latter a former adviser to stablecoin issuer Circle. Erebor plans to hold stablecoins on its balance sheet and aims to be “the most regulated entity conducting and facilitating stablecoin transactions” in the country.
Stablecoins, digital tokens pegged to traditional currencies, are gaining traction as a faster, more efficient method for cross-border payments and settlements.
The Ohio connection
Ohio’s selection as the headquarters signals a broader shift away from traditional financial hubs such as New York City. With its growing cluster of defense-tech firms, emerging fintechs, and hyperscaler investments—including Google and Amazon data centers—Columbus is increasingly being seen as a new center for innovation in both hardware and finance.
This is also part of a broader trend of tech leaders bringing high-growth ventures to the Midwest. With Anduril’s planned manufacturing campus and now Erebor’s proposed operations, the region is becoming home to some of the most ambitious tech projects in the country.
What’s next
The Erebor team has applied for a national bank charter, and the bank is currently in the regulatory approval process. If approved, Erebor could reshape how tech startups and emerging sectors access capital and manage digital financial assets—while helping solidify Ohio’s role in the next era of American financial infrastructure.