Peter Thiel plans to launch Erebor Bank for startups and crypto post Silicon Valley Bank collapse

Tech billionaires, including Peter Thiel, plan to launch Erebor, a new financial institution for crypto companies post-SVB collapse. SVB’s downfall triggered a banking crisis in 2023, with other banks failing. Erebor aims to serve startups and risky businesses left in the void by SVB’s collapse, offering a potentially lucrative market.

Circuit launches an enterprise-grade recovery system for digital assets, powered by AAE technology. The system helps institutions avoid permanent losses of digital assets and has already gone live with two institutional clients. With Bitcoin estimates suggesting 11-18% of supply already lost, asset recovery becomes critical for risk management and fiduciary duty.

Strategy is set to report $13 billion in unrealized gains from Bitcoin holdings in Q2, despite a decline in core business revenue. Strategy has acquired a significant amount of BTC, becoming a case study for companies adopting similar strategies. Over 250 businesses now hold Bitcoin, with 26 announcing BTC treasury strategies last month.

Robinhood expands into digital assets by launching a layer-2 blockchain on Arbitrum for trading tokenized stocks and ETFs in the EU. This move follows the introduction of micro futures contracts for Bitcoin, SOL, and XRP. Robinhood’s broader advocacy for pro-tokenization legislation in the US aligns with its goal of launching a real-world asset exchange.

Read more at Cointelegraph: Peter Thiel Plots Erebor Bank to Replace Silicon Valley Bank for Startups, Crypto