FDIC launches first bank to finance crypto, AI startups, defense contractors
Last month, the FDIC approved the first national bank charter designed to finance:
defense contractors
crypto companies
artificial intelligence startups
The bank’s name is Erebor in Columbus, Ohio.
https://www.fdic.gov/deposit-insurance-approval-order.pdf
Why is that news?
Because banks automatically deny loan applications from the above industries.
Now, their loans will be approved thanks to an Executive Order (EO) dated Aug. 6th, signed by President Donald J. Trump.
The EO is linked here:
Erebor Bank will open in December.