Financial Times: Silicon Valley Tycoons Plan to Launch a Bank to Support Cryptocurrency Businesses

Odaily Planet Daily News: A group of Silicon Valley billionaires in the United States has applied for a national bank charter, preparing to establish a nationwide bank focused on supporting startups engaged in cryptocurrency and related businesses. After the collapse of Silicon Valley Bank in March 2023, some startups involved in higher-risk activities such as cryptocurrency trading have faced financing difficulties in the U.S. According to sources cited in the report, the new bank is named after the treasure mountain "Lonely Mountain" from The Lord of the Rings, and its main investors are major Republican donors from Silicon Valley, such as Peter Thiel.
According to application documents disclosed earlier this week, "Lonely Mountain" Bank will be a national bank providing both traditional banking products and services related to virtual currencies for businesses and individuals. Its primary target customers are companies participating in the U.S. "innovation economy," especially those in the fields of cryptocurrency, artificial intelligence, defense, and manufacturing, as well as individuals working for or investing in these companies, including those with "insufficient access to credit." The bank will also seek to cooperate with non-U.S. companies interested in entering the U.S. banking system. Reportedly, "Lonely Mountain" Bank will be headquartered in Columbus, Ohio, with an office in New York City, and will offer only online customer services. (Xinhua New Media)