Financial Times: Silicon Valley billionaires want to start banks to support cryptocurrency companies

According to Foresight News, according to Xinhua News Agency, a group of Silicon Valley billionaires in the United States have applied for a franchise bank license in the United States and are preparing to open a national bank, focusing on supporting startups that operate cryptocurrencies and other businesses. After the bankruptcy of Silicon Valley in the United States in March 2023, some startups engaged in riskier businesses such as cryptocurrency trading have difficulty in financing in the United States. The report quoted people familiar with the matter as saying that the new bank was named after the treasure land "Lonely Mountain" in "Lord of the Rings", and the main investors are the big Silicon Valley "funders" of this Republican government in the United States, such as Peter Till.


According to the application documents disclosed earlier this week, Gushan Bank will be a national bank that provides traditional banking products and virtual currency-related products and services to enterprises and individuals. Its main target customers are companies participating in the "innovative economy" of the United States, especially those in the cryptocurrency, artificial intelligence, defense and manufacturing sectors, as well as individuals working or investing in these companies, including those with "insufficient credit channels." Banks will also seek to cooperate with non-U.S. companies that are "intentionally entering the U.S. banking system."

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