Financial Times: Silicon Valley tycoons want to open banks to support cryptocurrency companies

Odaily Planet Daily News A group of Silicon Valley billionaires have applied for a chartered bank license in the United States, preparing to open a national bank, focusing on supporting start-ups operating in cryptocurrency and other businesses. After the collapse of Silicon Valley Bank in March 2023, some start-ups engaged in riskier businesses such as cryptocurrency trading have difficulty raising funds in the United States. The report quoted people familiar with the matter as saying that the new bank is named after the treasure place "Lonely Mountain" in "The Lord of the Rings", and the main investors are the Silicon Valley "financial masters" of the current Republican government in the United States, such as Peter Thiel. According to the application documents disclosed earlier this week, "Lonely Mountain" Bank will be a national bank that provides traditional banking products and virtual currency-related products and services to businesses and individuals. The main target customers are companies participating in the "innovation economy" in the United States, especially those in the fields of cryptocurrency, artificial intelligence, defense and manufacturing, as well as individuals working or investing in these companies, including those with "insufficient credit channels". The bank will also seek to cooperate with non-US companies that "interest in entering the US banking system." (Xinhua News Agency New Media)