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Crypto-friendly bank Erebor Bank plans to raise a new round of funding at a valuation of at least $8 billion.

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Mars Finance News, according to Bloomberg, Erebor Bank, founded by Palmer Luckey, is in discussions with investors about a new round of financing, targeting a valuation of at least $8 billion—nearly doubling from its valuation of $4.35 billion at the end of last year. Insiders say that over the past three months, the bank’s deposit size has grown from $1.1 billion to $4.05 billion, adding nearly 400 new customers, and it is expected to become profitable within the year. Erebor focuses on serving companies in areas such as defense technology and cryptocurrency, and has obtained a national banking charter from the Office of the Comptroller of the Currency (U.S.). Previously, its investors included Lux Capital, 8VC, Andreessen Horowitz, and Founders Fund. Erebor has also signed a non-binding letter of intent with Banco de Venezuela in Venezuela, planning to provide correspondent banking services.
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