Financial Times: Silicon Valley billionaire plans to open a bank to support crypto companies

According to a report by Xinhua News Agency, a group of Silicon Valley billionaires have applied for a chartered banking license in the United States, preparing to open a national bank that will focus on supporting startups operating cryptocurrencies and other businesses.
After the collapse of Silicon Valley Bank in the United States in March 2023, some start-ups engaged in riskier businesses such as cryptocurrency trading had difficulty financing in the United States. The report quoted people familiar with the matter as saying that the new bank was named after the "Lonely Mountain" in "Lord of the Rings", and the main investors were Silicon Valley's top "gifters" of the current Republican administration in the United States, such as Peter Thiel.
Lonely Mountain will be a national bank offering both traditional banking products and virtual currency-related products and services to businesses and individuals, primarily targeting companies involved in the US "innovation economy", particularly those in the cryptocurrency, artificial intelligence, defence and manufacturing sectors, as well as individuals working or investing in these businesses, including those with "insufficient access to credit", according to filings disclosed earlier this week. The bank will also seek to partner with non-US companies "interested in entering the US banking system".
According to reports, Lonely Mountain Bank will be headquartered in Columbus, Ohio, with an office in New York City, and will only offer online Client Server.