Robinhood Fund Invests $30 Million in Erebor Bank Preferred Shares

Robinhood Ventures Fund I (NYSE: RVI) invested $30 million in Erebor Bank preferred shares, taking a stake in a newly chartered U.S. bank whose deposits have grown above $7 billion. The purchase closed Sept. 17 and was announced Oct. 21. Erebor received its federal national bank charter on Feb. 6. Its approved business plan covers customers in technology, payment systems, investment and defense, including virtual currency market participants. Erebor’s deposits exceeded $7 billion, compared with $4.06 billion at June 30 and $1.10 billion at March 31.

Source: TokenPost