A group of tech billionaires led by Palmer Luckey, co-founder of military contractor Anduril, are launching a U.S. bank named Erebor to serve startups, including Bitcoin and other crypto businesses, according to a Financial Times report.

The bank would be backed by tech investors including the Founder of Venture Capital Firm 8VC Joe Lonsdale, and the co-founder of Defence Group Palantir Peter Thiel’s, according to people familiar with the matter.

Erebor will be run by the CEO of Aer Compliance Owen Rapaport and co-CEOs Jacob Hirshman, who previously worked as an adviser at Circle, and the co-founder. The senior executive vice-president at New Jersey-based Valley National Bank…

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