Financial Times: Silicon Valley Tycoons to Launch Bank Supporting Cryptocurrency Businesses

Foresight News – According to Xinhua News Agency citing the Financial Times, a group of Silicon Valley billionaires in the United States has applied for a national banking charter, preparing to launch 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. The report, quoting sources familiar with the matter, states that the new bank is named after "The Lonely Mountain," the treasure site in The Lord of the Rings, and its main investors are major Silicon Valley donors to the current Republican administration, including Peter Thiel and others.

According to application documents disclosed earlier this week, the "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 collaborate with non-U.S. enterprises interested in entering the U.S. banking system.