According to Bloomberg, Erebor Bank, a bank startup backed by Peter Thiel, is undergoing a funding round aiming to raise approximately $350 million, with a corresponding valuation of about $4.35 billion, significantly higher than previous levels. Insider sources say that this funding round is led by Lux Capital, with existing investor 8VC also participating. Erebor Bank primarily targets encryption asset and technology-related clients, filling some market gaps after the collapse of Silicon Valley Bank in 2023, while also expanding into defense and aerospace-related corporate clients.