Erebor Bank, a new crypto-focused financial institution backed by prominent tech investors Peter Thiel, Palmer Luckey, and Joe Lonsdale, received preliminary conditional approval for a national bank charter on Wednesday.
The Office of the Comptroller of the Currency said Erebor was granted “preliminary and conditional” approval, and it will still need to meet more requirements before it can officially open.
Without hesitation, one of the strongest performances in the global capital markets stems from the broader cryptocurrency space. At its recent peak, the sector saw its total market capitalization rise to $4.28 trillion.
Bitcoin traded sideways on Monday, but most leading cryptocurrencies extended gains as investors awaited the market’s rebound following a major shakeout.
Venezuelan opposition leader María Corina Machado, who recently won the Nobel Peace Prize, has been a Bitcoin (CRYPTO: BTC) supporter, labeling it as a “vital means of resistance” earlier.
According to on-chain analysis firm Glassnode, Friday’s wipeout after Trump’s tariff threat to China triggered the largest futures liquidation in Bitcoin’s history.
Leading cryptocurrencies rallied alongside stock futures Sunday overnight after President Donald Trump hinted at possible de-escalation of trade tensions between the U.S. and China.
