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Peter Thiel and other billionaires are planning Erebor, a new bank to fill the void left by Silicon Valley Bank\u2019s collapse \u2014 with crypto firms and startups in focus.<\/p>\n
Peter Thiel and other tech billionaires have reportedly spotted a major market opportunity in the void left by Silicon Valley Bank\u2019s (SVB) 2023 collapse. They are now planning to launch a new financial institution \u2014 named after a Lord of the Rings reference \u2014 to serve crypto companies and startups that have struggled to secure financing since SVB\u2019s downfall.<\/p>\n
SVB\u2019s dramatic collapse in 2023 triggered contagion across the US banking sector and led to tighter lending standards. While its assets were later acquired by First Citizens Bank, no institution has stepped in to fill SVB\u2019s unique role \u2014 until now.\u00a0<\/p>\n
For context: Before its collapse, SVB banked nearly half of all venture-backed technology<\/a> and life science<\/a>s companies in the United States.<\/p>\n Read more<\/p>\n<\/p>\n If you liked the article, do not forget to share it with your friends. Follow us on\u00a0Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n\n