Robinhood Ventures Invests $30 Million in Erebor Bank Through Preferred Share Purchase
Summary
- Robinhood unit Robinhood Ventures said it will invest $30 million in crypto-focused bank Erebor Bank.
- Robinhood Ventures Fund I (RVI) said it bought $30 million of preferred shares and mainly invests in private companies.
- Erebor Bank is a crypto-focused bank founded by Palmer Luckey and backed by Peter Thiel, and it received a new federal bank charter.
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Robinhood Ventures, the venture arm of U.S. stock-trading platform Robinhood, is investing $30 million in crypto-focused bank Erebor Bank.
BlockBeats reported on October 21 that Robinhood Ventures Fund I, or RVI, had purchased $30 million of preferred shares in Erebor Bank earlier that day. The investment was made last month.
RVI is the first fund launched by Robinhood Ventures and mainly invests in private companies. Its goal is to give retail investors indirect exposure to the private market.
Erebor is a crypto-focused bank founded by Palmer Luckey, who also founded U.S. defense company Anduril, and backed by PayPal co-founder Peter Thiel. It officially launched in February after receiving a new federal bank charter in the U.S.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul