Columbus Crypto Bank Backed by Anduril Founder Gets Trump-Era Approval

Erebor Bank becomes first crypto-focused bank to receive national charter under Trump administration.

Published on Feb. 10, 2026

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Crypto-focused Erebor Bank has received a national bank charter from the Office of the Comptroller of the Currency, making it the first bank of its kind to gain this approval during the second term of the Trump administration. The bank, backed by Anduril founder Palmer Luckey, plans to operate a digital-only model with a secondary office in New York.

Why it matters

This approval marks a significant milestone for the crypto industry, as it allows Erebor Bank to operate nationwide and potentially set a precedent for more crypto-focused banks to receive regulatory approval in the future. The bank's location in Columbus, near Anduril's drone manufacturing facility, also highlights the growing crypto and technology ecosystem in the region.

The details

Erebor Bank received conditional approval from U.S. banking regulators in October and plans to hold stablecoins on its balance sheet. The bank will be led by co-CEOs Owen Rapaport and Jacob Hirshman, with Hirshman being a former adviser to stablecoin company Circle.

  • Erebor Bank received conditional approval from U.S. banking regulators in October 2025.
  • Erebor Bank's national bank charter was approved in February 2026, during the second term of the Trump administration.

The players

Erebor Bank

A crypto-focused bank that has received a national bank charter, becoming the first of its kind to gain this approval during the second term of the Trump administration.

Palmer Luckey

The founder of Anduril, a defense technology company, who is backing Erebor Bank.

Owen Rapaport

The co-CEO of Erebor Bank.

Jacob Hirshman

The co-CEO of Erebor Bank and a former adviser to stablecoin company Circle.

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What they’re saying

“This approval marks a significant milestone for the crypto industry, as it allows Erebor Bank to operate nationwide and potentially set a precedent for more crypto-focused banks to receive regulatory approval in the future.”

— Owen Rapaport, Co-CEO, Erebor Bank (dispatch.com)

What’s next

Erebor Bank plans to start production at its drone manufacturing facility in Columbus this summer, further expanding its presence in the region.

The takeaway

The approval of Erebor Bank's national charter demonstrates the growing acceptance and integration of crypto-focused financial institutions within the traditional banking system, paving the way for more innovation and competition in the industry.