Financial Times: Silicon Valley tycoons plan to establish a bank to support encryption startups.

CoinVoice has recently learned from a report by the Xinhua News Agency citing the Financial Times of the UK that a group of billionaires from Silicon Valley in the United States has applied for a chartered bank license in the US, preparing to establish a national bank focused on supporting startups engaged in Crypto Assets and other businesses.

After the collapse of Silicon Valley Bank in the US in March 2023, some startups engaged in high-risk businesses such as Crypto Assets trading are facing difficulties in financing in the US. Reports cite sources familiar with the matter stating that the new bank is named "Lonely Mountain" after the treasure location in "The Lord of the Rings," and the main investors are major "backers" from Silicon Valley associated with the current Republican government in the US, such as Peter Thiel.

According to the application documents disclosed earlier this week, "Gushan" Bank will be a national bank that provides traditional banking products and services related to virtual currency for businesses and individuals. The main target customers are companies participating in the U.S. "innovation economy," especially those in the fields of Crypto Assets, artificial intelligence, defense, and manufacturing, as well as individuals working for or investing in these companies, including those who are "credit underserved" clients. The bank will also seek to collaborate with non-U.S. enterprises "looking to enter the U.S. banking system."

According to reports, the headquarters of "Gushan" Bank will be located in Columbus, Ohio, and it will have an office in New York City, providing only online customer service.