A consortium of tech billionaires, spearheaded by Palmer Luckey, co-founder of Anduril, is set to launch a new U.S. bank named Erebor. This innovative institution aims to specifically cater to startups within cutting-edge innovation sectors, including Bitcoin and other crypto businesses, artificial intelligence (AI), defense, and manufacturing. Backed by influential investors such as 8VC founder Joe Lonsdale and Palantir co-founder Peter Thiel, Erebor Bank signifies a significant move towards integrating digital assets and emerging technologies more deeply into the traditional U.S. banking system, addressing a growing demand for specialized financial services in these rapidly evolving industries.
A Digital-First Approach with Strategic Focus
Erebor Bank is adopting a digital-only operational model, complemented by a secondary office strategically located in New York. A particularly forward-thinking aspect of the bank’s strategy is its plan to hold stablecoins on its balance sheet, a move considered highly bullish within the crypto community. The bank’s ambition is to become “the most regulated entity handling stablecoin transactions,” as stated in its charter application. This clear regulatory focus aims to fill a critical void left by the collapse of Silicon Valley Bank (SVB), which, before its March 2023 crisis, was the preferred banking partner for early-stage tech companies and venture capitalists.
Addressing the Post-SVB Funding Gap
The collapse of Silicon Valley Bank in March 2023 created a significant funding and operational gap for numerous startups, many of whom struggled to access capital and cover essential payrolls after its shutdown. Erebor Bank aims to directly address this void by providing a stable and compliant banking solution for companies operating in high-growth, innovation-driven sectors. By focusing on U.S. companies in crypto, AI, defense, and manufacturing, as well as serving individuals working in or investing in these industries and international businesses seeking entry into the U.S. banking system, Erebor positions itself as a crucial financial infrastructure provider for the next generation of technological innovation.
The Growing Trend of Crypto-Native Fundraising
Erebor Bank’s launch aligns with a broader and increasingly prominent trend of startups opting to launch and raise funds entirely on crypto-native platforms. A notable example from last month is the Internet Capital Markets (ICM) campaign, backed by Solana and its co-founder, which aims to assist companies in raising capital through cryptocurrency. This movement includes projects from well-known figures such as Venmo co-founder Magdon Ismael with his JellyJelly project, and the emerging Snorter project, which is currently generating significant investor interest through its presale, showcasing the diverse and evolving landscape of crypto-based fundraising.
Snorter Presale: A New Player in Auto-Trading Bots
Snorter, a new company raising funds through a crypto presale, is quickly catching the attention of many investors, offering a compelling 235% APY staking reward along with free tokens for holders. Distinguishing itself from typical memecoins, Snorter is built as a Telegram bot that provides fast and secure auto-trading capabilities, designed to be highly effective in the current market environment. While other bots may experience lagging performance or network issues, Snorter aims to eliminate these common problems, ensuring traders remain ahead by offering quick swaps with a minimal 0.85% fee, significantly lower than the standard 1% charged by most bots.
Advanced Features for Secure and Efficient Trading
Snorter is equipped with advanced features designed to enhance trade safety and efficiency. It incorporates MEV (Maximal Extractable Value) and sandwich attack protection, which safeguards users from predatory trading strategies. Additionally, the bot includes honeypot detection, helping to identify and avoid fraudulent tokens. Snorter also boasts private Solana RPC (Remote Procedure Call) infrastructure, which is engineered to facilitate rapid and secure transactions, aiming to optimize users’ trading experiences. Currently in its presale phase, the SNORT token has already raised over $1 million and is trading at a low entry price of $0.095, positioning it for potential significant moves as it progresses.
A Strategic Entry into the Market
Having already surpassed $1.45 million in its presale, Snorter Token (SNORT) is strategically positioned for substantial growth, offering traders a crucial edge in a market where timing and swift action are paramount. The ongoing presale is accessible via the Snorter Token website, supporting a wide range of payment methods including SOL, ETH, BNB, USDT, USDC, and traditional credit card payments. This broad accessibility aims to attract a diverse investor base, further solidifying Snorter’s potential as a key player in the evolving landscape of crypto auto-trading solutions.
