New Delhi, Oct. 17 -- US regulators have given the green signal to a new, tech and crypto-friendly bank to operate in the country.

Called Erebor Bank, the lender is backed by a group of high-profile tech billionaires with ties to the Donald Trump administration and received conditional approval from the Office of the Comptroller of the Currency to operate in the US.

The Columbus, Ohio-based firm was founded this year by a group that included Palmer Luckey, co-founder of military contractor Anduril Industries Inc. Joe Lonsdale, head of venture capital firm 8VC and a co-founder of data analytics firm Palantir Technologies Inc., is the co-founder of Erebor, according to a report by The Financial Times.

Luckey and Lonsdale were major contr...