Silicon Valley Billionaires Seek Banking License for Cryptocurrency-Focused Bank

According to PANews, a group of Silicon Valley billionaires in the United States has applied for a charter banking license to establish a national bank aimed at supporting startups involved in cryptocurrency and related businesses. The bank, named after the treasure location 'Lonely Mountain' from 'The Lord of the Rings,' is backed by major investors from the current Republican government, including Peter Thiel. The application documents, disclosed earlier this week, reveal that 'Lonely Mountain' Bank will operate as a national bank, offering traditional banking products alongside virtual currency-related services to both businesses and individuals. Its primary target customers are companies participating in the U.S. 'innovation economy,' particularly those in the cryptocurrency, artificial intelligence, defense, and manufacturing sectors. The bank also aims to serve individuals working or investing in these industries, including those with limited access to credit. Additionally, the bank plans to collaborate with non-U.S. enterprises interested in entering the American banking system. Reports indicate that 'Lonely Mountain' Bank will be headquartered in Columbus, Ohio, with an office in New York City, providing online customer services exclusively.