Skip to main content

Market Overview

Anduril Founder Palmer Luckey, Palantir Co-Founder Joe Lonsdale To Invest In Crypto-Friendly Startup Bank: Report

Share:
Anduril Founder Palmer Luckey, Palantir Co-Founder Joe Lonsdale To Invest In Crypto-Friendly Startup Bank: Report

Palmer Luckey, the founder of defense technology startup Anduril Industries, has reportedly backed a cryptocurrency-friendly banking startup that aims to revolutionize the financial sector.

What Happened: Luckey is backing a budding financial firm that aims to provide “stability” to Silicon Valley, The New York Post reported on Friday, citing insiders. The firm’s main objective is to assist tech entrepreneurs in growing their businesses, rather than focusing on maximizing returns on deposits.

Luckey is said to be partnering on the bank startup with tech investor and Palantir Technologies Inc. (NASDAQ:PLTR) co-founder Joe Lonsdale

See Also: Paul Tudor Jones Boosts Bitcoin Holdings, Potentially Making BTC His Largest Non-Options Investment

The startup, currently named “Erebor,” is a reference to the mountain where the dragon Smaug keeps his gold in J.R.R. Tolkien’s 1937 novel “The Hobbit.” However, insiders have hinted that the name might not be final and could be subject to change.

In addition to cash, Erebor plans to accept deposits in stablecoins, a form of digital currency whose value is tethered to a fiat currency, such as the U.S. dollar. The project is in its early stages, and the plans have not been finalized, according to the report.

Benzinga didn’t immediately hear back from Anduril and Lonsdale's venture firm, 8VC, on the matter.

Why It Matters: This comes just days after Luckey confirmed plans for Anduril’s initial public offering.

During an interview, Luckey emphasized that Anduril is being run “to be the shape of a publicly traded company,” highlighting the need for public status to compete for substantial defense contracts

The public listing plans come as Anduril reaches new valuation heights. The company recently raised $2.5 billion in fresh capital, catapulting its valuation to $30.5 billion. According to Forbes, his net worth was estimated to be $3.6 billion as of this writing.

Read Next: 

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo Courtesy: Paopano on Shutterstock

 

Related Articles (PLTR)

View Comments and Join the Discussion!

Posted-In: 8VC Anduril Industries bank Joe LonsdaleCryptocurrency News Markets Tech

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com