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Erebor Bank, the crypto-friendly lender backed by venture capitalist Peter Thiel and defense technology entrepreneur Palmer Luckey, is in talks to raise new funding at a valuation of at least $8 billion, according to Bloomberg.
The bank's deposits have nearly quadrupled, the report says, a growth rate that underpins the elevated valuation target.
What the Deposit Surge Signals A near-quadrupling of deposits is a harder data point than a fundraising announcement, and it is the number that matters most here.
Deposit growth at this pace suggests Erebor has moved beyond early adopter customers and is pulling in meaningful inflows — though the source provides no baseline figure, so the absolute size of the deposit book remains unknown.
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