PayPal Co-Founder Plans Erebor Bank for Crypto & AI Startups
A group of tech billionaires including PayPal co-founder Peter Thiel are establishing Erebor Bank—a federally chartered institution focused on serving cryptocurrency, AI, defense tech, and manufacturing startups. The bank has applied for a national banking license with the Office of the Comptroller of the Currency (OCC) to fill the market gap left by Silicon Valley Bank's collapse.
👉 Discover how Erebor plans to integrate stablecoins
Key Details:
- Led by Anduril co-founder Palmer Luckey with support from Thiel’s Founder Fund
- Will hold stablecoins as part of its reserve assets
- Targets underserved innovators in high-growth tech sectors
Duodian Zhishu Surges 90% Amid Bitcoin Holdings and Stablecoin Plans
Hong Kong-listed Duodian Zhishu (02586) saw shares jump 90% as the company:
- Confirmed Bitcoin holdings on its balance sheet
- Announced preparations for a Hong Kong stablecoin license application
- Partnered with HashKey Group for Web3 development
Executive Insight:
"Digital assets represent transformative opportunities as global crypto adoption accelerates," said CFO Tang Yifan.
First Solana Staking ETF Records $33M Debut
The REX-OSPREY Solana Staking ETF (SSK) achieved remarkable first-day trading volume, outperforming:
- Solana futures ETFs by 3x
- XRP futures ETFs by 2.5x
- Average new ETF volume benchmarks
Custody Innovation:
Anchorage Digital was appointed as exclusive custodian, enabling institutional-grade SOL staking rewards.
Bitcoin Eyes $110K Breakout Amid Bullish Seasonal Trends
10x Research Analysis:
- 98 consecutive days of outflows now reversing
- ETF demand and exchange withdrawals signal accumulation
- Historically strong Q3 performance expected
- Critical resistance at $110,000 being tested
DOJ Seizes $245M in Crypto During Record $14.6B Healthcare Fraud Bust
The largest-ever healthcare fraud case involved:
- 324 defendants including 96 medical professionals
- $14.6B in false claims spanning 50 federal districts
- $245M confiscated in crypto, cash, and luxury assets
Enforcement Impact:
CMS prevented $4B+ in fraudulent payments through provider suspensions.
Market Spotlight: Notable Developments
| Sector | Highlight | Implication |
|---|---|---|
| Banking | Ripple files for federal bank charter | Could enable regulated stablecoin services |
| Equities | Addentax signs $1.3B term sheet for 12K BTC | Largest corporate Bitcoin acquisition to date |
| DeFi | BounceBit Q4 tokenized stocks launch | Bridging traditional securities and DeFi |
| Institutional | Mogo approves $50M Bitcoin treasury allocation | Corporate BTC strategies gaining momentum |
FAQs: Rapid Fire Insights
Q: Why are tech billionaires launching crypto-focused banks?
A: To serve high-growth sectors underserved by traditional finance post-SVB collapse.
Q: What makes Solana ETFs different from Bitcoin equivalents?
A: They combine price exposure with staking yield—a first for institutional products.
Q: How might Fed rate cuts impact crypto markets?
A: Historically, easing cycles correlate with risk asset rallies including digital assets.
👉 Explore emerging crypto banking solutions
Critical Alerts
Firefox Wallet Warning:
40+ malicious extensions detected mimicking MetaMask/Coinbase Wallet—verify developers before installation.
North Korean IT Infiltration:
345-920+ project roles compromised according to ZachXBT’s investigation, with $16.58M diverted.
Forward Outlook
Macro Trends to Watch:
- Potential September Fed rate cut
- Upcoming US non-farm payroll data
- Corporate crypto adoption accelerating
Project Pipeline:
Ondo Finance’s chain-based stock trading platform launching this summer with 100+ equities.
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