COLUMBUS, Ohio–A group of tech billionaires led by Palmer Luckey, the co-founder of the defense technology firm Anduril, have announced plans to launch a new crypto-focused bank they said is designed to fill the void left by the collapse of Silicon Valley Bank.

The plan was first reported by the Financial Times, which said it spoke with people familiar with the matter.

According to the report, the group also includes Peter Thiel’s Founders Fund and Palantir co-founder Joe Lonsdale. The bank would be headquartered in Columbus, according to the Financial Times, where Andruil is planning a nearly $1 billion manufacturing plant.

Prior to its collapse in March of 2023, Silicon Valley Bank had long been a major primary banking channel for early-stage technology firms and venture capitalists, the types of entities often deemed too risky by traditional banks. Many startups struggled to access capital and meet immediate obligations such as payrolls after the bank collapsed, the Times noted.

Bank to be Called ‘Erebor’

The proposed bank, called Erebor, has applied for a national bank charter and plans to serve technology businesses in areas such as artificial intelligence, crypto, defense and manufacturing, as well as individuals who work at or invest in them, according to its charter application, the Times reported, adding the application for Columbus-based Erebor outlines a digital-only model, with a secondary office in New York.