News linked to both this project and an event.
According to Bloomberg, U.S. Democratic Senator Elizabeth Warren has raised questions about the regulatory approval process for cryptocurrency bank Erebor. A fundraising document obtained by Senator Warren’s office shows that the bank received its banking license within just a few months—sparking “serious concerns” over whether political connections influenced the approval process. Erebor was co-founded by Palmer Luckey, founder of defense startup Anduril Industries, who has publicly disclosed donations to multiple pro-Trump groups. Senator Warren has now requested further clarification from relevant parties regarding the details of the approval process.
According to The Block, B2B stablecoin technology provider Infinite has launched Infinite Accounts—a banking account service for enterprises that supports deposits, withdrawals, ACH transfers, domestic and international wire transfers, as well as stablecoin minting, burning, and on-chain transfers—all accessible via a single API. This service is powered by the traditional banking infrastructure of Erebor Bank, which recently obtained its banking license. Infinite states that fiat balances held in these accounts may be eligible for FDIC insurance, whereas stablecoin balances are not. This launch comes amid continued growing institutional adoption of stablecoins.