Erebor earns spread fee and service revenue
Erebor
The important point is that Erebor is trying to become the customer’s operating bank, not just a feature provider. If a crypto native startup keeps deposits at Erebor, draws a loan against those balances or crypto collateral, and uses Erebor for wires, treasury movement, stablecoin settlement, or card services, the bank gets net interest spread, transaction and account fees, and service revenue from one workflow. A software wrapper or custodian usually only gets paid on one layer.
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Column shows the closest banking template. It owns the charter and tech stack, so it can earn interest on deposits and non interest revenue like payment fees and interchange from the same fintech partner. In 2024, Column’s revenue was roughly split between about $28M of interest income and $27M of non interest income.
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A crypto infrastructure player like Zero Hash monetizes very differently. It sells APIs for trading, payments, custody, and tokenization, then earns mostly transaction based fees tied to partner volume. It can help move money or assets, but it does not take insured deposits and relend them under a full commercial bank balance sheet.
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That difference matters most with high complexity clients. Erebor is targeting a small set of companies and investors that may need an operating account, credit line, treasury management, and on chain settlement in the same week. Winning primary banking status makes each client much more valuable than a point solution customer.
Going forward, the banks that win this market will be the ones that combine modern software with a regulated balance sheet. If Erebor executes, revenue per client should compound as customers add credit, payments, treasury, and stablecoin activity over time, pushing it closer to the model of an infrastructure bank with crypto native workflows built in.