Palantir- and Anduril-backed Erebor secures conditional national bank charter

The fully digital bank Erebor, backed by defense company Anduril and data giant Palantir, has received preliminary approval from the US Office of the Comptroller of the Currency (OCC). The bank will hold some of its reserves in the form of stablecoins, offering a new brand of crypto-friendly banking.

Erebor, an upcoming crypto-friendly bank, has received preliminary approval from the US Office of the Comptroller of the Currency (OCC). The OCC has conditionally approved the de novo national bank charter application for Erebor Bank, National Association, Columbus, Ohio.

The fully digital bank, which will add crypto operations, has followed the same procedures and requirements for all bank charters, fulfilling the same set of requirements from the OCC.

‘Erebor is the first de novo bank to receive a preliminary conditional approval since I arrived at the OCC. I am committed to a dynamic and diverse federal banking system, and our decision today is a first but important step in living up to that commitment,’ said Comptroller of the Currency Jonathan V. Gould.

Gould added that the OCC was also willing to approve permissible digital asset activities. Such activities would have a place in the federal banking system if conducted in a safe and sound manner, he added. The OCC was supportive of financial innovation, Gould added.

Erebor Bank approved on schedule in favorable political climate

The approval for Erebor’s banking charter was expected by the end of the year, as the bank’s founder, Palmer Luckey, promised support from his political influence. Erebor gained exposure from its backing by data company Palantir and defense company Anduril, Luckey’s main focus at the moment.

The approval for Erebor comes amid increased attention on Anduril’s other products. The Eagle Eye helmet is boosting Anduril’s influence, as it was launched with the help of Facebook’s Mark Zuckerberg.

The connections to the data and defense companies boost Erebor’s position, in addition to the launch during one of the most active periods of institutional crypto adoption.

Erebor promises to be a full crypto bank

Erebor will become one of the first banking entities to fulfill on-chain transactions. Erebor aims to be a full-service, insured national bank, targeting ultra-high-net-worth clients who also aim for efficient crypto transfers.

Erebor will have its own variety of lending and deposit products. The bank will also hold virtual currencies to pay for gas fees, warning that such assets have no other banking. The limited amounts of crypto will be strictly for utility, which was instrumental to the approval of Erebor’s balance sheet.

The digital bank still holds only a preliminary approval. Until all pre-opening requirements are met, the OCC may rescind the approval in the case of new developments. Erebor has already applied for deposit insurance in the summer of 2025, potentially speeding up the final approval.

Erebor is expected to go beyond the banking tasks of Silicon Valley Bank and offer direct stablecoin activities. As Cryptopolitan previously reported, Erebor still responded to the general demand for a crypto-friendly bank.