Financial Times: Silicon Valley tycoons plan to open banks to support cryptocurrency companies

According to a report by the Financial Times cited by Xinhua News Agency, a group of billionaires from Silicon Valley in the United States have applied for a chartered banking license and are preparing to establish a national bank, with a focus on supporting startups engaged in cryptocurrency and other businesses. Insiders said that the new bank is named after the treasure trove "Lonely Mountain" in The Lord of the Rings, and its main investors are Silicon Valley tycoons of the current Republican government in the United States, 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 virtual currency related products and services to businesses and individuals. Its main target customers are enterprises participating in the "innovation economy" in the United States, especially those in the fields of cryptocurrency, artificial intelligence, defense, and manufacturing, as well as individuals working or investing in these enterprises, including those with "insufficient credit channels". The bank will also seek cooperation with non US companies that are interested in entering the US banking system. According to reports, the headquarters of Lonely Mountain Bank will be located in Columbus, Ohio, with an office in New York City, providing only online customer service.