Crypto-friendly bank Erebor Bank plans new financing round at valuation of at least $8 billion

CoinFeed reported on July 2, according to Bloomberg, that Palmer Luckey-founded Erebor Bank is in talks with investors for a new funding round with a target valuation of at least $8 billion, nearly doubling from its $4.35 billion valuation at the end of last year. Sources said the bank's deposits grew from $1.1 billion to $4.05 billion in the past three months, adding nearly 400 new clients, and expects profitability this year. Erebor focuses on serving companies in sectors such as defense technology and cryptocurrency, and has received a nationwide banking license from the U.S. Office of the Comptroller of the Currency. Its previous investors include Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund.