Erebor, the Thiel-backed bank founded by Anduril's Palmer Luckey, is in talks to raise at an $8bn+ valuation after deposits nearly quadrupled to $4bn.

Erebor Bank's potential $8 billion valuation highlights the growing investor confidence in crypto-focused financial institutions amid market shifts.

Erebor Bank, backed by Palmer Luckey and Peter Thiel, is in talks to raise funding at a valuation of at least $8 billion, per Bloomberg.