The Daily Journal. – The U.S. startup Erebor Bank, financially backed by billionaire Peter Thiel, has begun direct contacts with senior Venezuelan officials to propose restoring the country’s access to the U.S. financial system, according to a Bloomberg report.
The digital bank, which obtained its operating license in the United States just three months ago, offered to establish correspondent banking lines with Venezuelan institutions and open sub-accounts for their clients.
According to sources cited by Bloomberg, these agreements would allow local companies to open accounts in the United States and streamline capital flows, in a context in which the Caribbean country remains under U.S. sanctions.
Erebor co-founder Jacob Hirshman has visited Caracas several times over the past two months to present the firm’s services to Luis Pérez, acting president of the Central Bank of Venezuela (BCV), as well as executives from private institutions such as Banco Nacional de Crédito, Banco Mercantil, and Bancamiga. These contacts have been facilitated after U.S. authorities eased restrictions on the Venezuelan monetary authority in April to support oil investment.
In a statement cited by the news agency, the U.S.-based financial institution confirmed the contacts in the Venezuelan capital.
“In emerging markets such as Venezuela, Erebor’s role would be limited, carefully defined, and focused on restoring financial connectivity in compliance with regulations,” said an Erebor spokesperson, noting that the institution has held “preliminary discussions on correspondent banking and related financial services” in the country.
During these private meetings in Caracas, Hirshman reportedly told local executives that the bank had backing from the U.S. administration. In response, the company formally stated that it is “working diligently to maintain positive working relationships with all government agencies.”
Erebor is a fully digital bank registered in the state of Ohio and founded by prominent entrepreneurs, including Palmer Luckey, creator of the defense technology firm Anduril Industries.
The firm reached a valuation of $4.35 billion last December, just weeks before receiving official regulatory authorization in February, and attracted more than $1 billion in deposits during its first seven weeks of operation in the defense and cryptocurrency sectors.
With information from Bloomberg.
