Tether becomes Juventus' second-largest shareholder and wants a seat on the club's board of directors

Peter Thiel has joined a group of prominent tech billionaires backing a new US bank called Erebor, aimed at replacing the role once filled by Silicon Valley Bank, whose collapse in 2023 left a vacuum in financing for start-ups and crypto firms. The proposed bank is the brainchild of Palmer Luckey, founder of defence contractor Anduril, and Joe Lonsdale, a venture capitalist and Palantir co-founder, the Financial Times reported Wednesday. Thiel’s Founders Fund is reportedly among its investors. Erebor Emerges to Fill SVB Void With Focus on Cutting-Edge Tech Businesses Erebor has applied for a national bank charter and plans to serve tech businesses focused on artificial intelligence, crypto, defence and manufacturing, as well as the individuals who work at or invest in them. Tech billionaires back new lender Erebor as Silicon Valley Bank rival https://t.co/xotSEuUfWb — Financial Times (@FT) July 1, 2025 The firm’s formation traces back to the abrupt fall of SVB, which collapsed in March 2023 under the weight of poor asset management and a sudden bank run. Once the go-to institution for early-stage tech firms and venture capitalists, SVB’s demise disrupted financial access for the innovation economy. While its assets were acquired by First Citizens and its bankers moved to new institutions like HSBC, many start-ups still report difficulties securing credit under the more risk-averse models of traditional banks. “The bank will be a national bank providing traditional banking products, as well as virtual currency-related products and services, for businesses and individuals,” Erebor said in its public filing. Erebor to Operate as Digital-Only Bank, With Eyes on Global Clients and Stablecoin Dominance The application also outlines plans to support non-US firms seeking access to the US banking system. In addition, Erebor aims to stand out by offering credit to businesses often overlooked by both traditional and disruptive financial institutions. Peter Thiel and Founders Fund have long been iconic forces in Silicon Valley. Over the years, the fund has built a portfolio of some of the most transformative tech companies. It includes 43 unicorns, 28 IPOs and 116 acquisitions. Notable names include SpaceX, Palantir, Facebook and Airbnb. As a result, their backing gives Erebor strong credibility among tech investors and founders. Although the bank is backed by high-profile figures, Luckey and Lonsdale are not expected to take on operational roles. Instead, Erebor will be led by co-CEOs Jacob Hirshman and Owen Rapaport. Hirshman previously worked at crypto firm Circle. Rapaport is the CEO of Aer Compliance. Additionally, Mike Hagedorn, a veteran of Valley National Bank, will serve as president, according to the FT. Erebor will be headquartered in Columbus, Ohio, with a secondary office in New York, but will operate entirely digitally. All customer interactions and services will be delivered through its app and website. Stablecoins are expected to be a core focus. Erebor described its goal as becoming “the most regulated entity conducting and facilitating stablecoin transactions.” However, key parts of the application, including financials and ownership details, were filed confidentially and remain undisclosed.

PANews reported on July 2 that according to LinkedIn data, the three co-founders of Backed Finance, the company behind the stock tokenization platform xStocks, Adam Levi Ph.D., Yehonatan Goldman, and

The "big, beautiful bill" passed the Senate, without a single mention of crypto in the 1000-page document.