Oculus founder Palmer Luckey is leading a group of tech billionaires, including Peter Thiel and Joe Lonsdale, to launch Erebor, a new digital crypto-bank aimed at replacing Silicon Valley Bank after its 2023 collapse. Targeting startups in crypto, AI, and defense, Erebor will be fully digital, headquartered in Columbus, Ohio, and seeks a national bank charter. Co-CEOs Jacob Hirshman and Owen Rapaport will lead operations. Backed by Founders Fund and 8VC, Erebor aims for a $2 billion valuation with a $225 million funding round. The bank plans to support stablecoin transactions while maintaining strict regulatory compliance for digital asset banking.