Crypto-friendly bank Erebor is in talks to raise $1.5 billion at a $9.5 billion valuation, as reported by CoinDesk. This development comes on the back of significant growth in the bank's deposits, which have been driven by clients in the crypto, AI, and defense sectors.
Between March and July, the bank's total deposits grew from $1.1 billion to $4.6 billion, indicating a substantial increase in the bank's client base and assets under management. This growth is largely attributed to the bank's focus on serving clients in the crypto industry, among others.
Erebor's talks to raise additional funding at a $9.5 billion valuation underscore the bank's expanding presence in the financial sector, particularly in areas where crypto and traditional finance intersect.