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Story summary
- Erebor Bank, co-founded by Palmer Luckey and backed by Peter Thiel, holds a $4.35 billion valuation after raising $350 million.
- Lux Capital led the round, with Founders Fund, 8VC, and Haun Ventures participating.
- The bank seeks to fill the Silicon Valley Bank void, targeting crypto and AI sectors.
- FDIC deposit insurance approval is valid for 12 months, allowing Erebor to plan a 2026 launch.
