Palmer Luckey, backed by Palantir's Lonsdale, to launch crypto-focused bank

KhalilDigital Marketing2025-07-0495810

By Ateev Bhandari

(Reuters) -Tech billionaire Joe Lonsdale said on Wednesday he is investing in a new crypto-focused U.S. bank being launched by Anduril co-founder Palmer Luckey that aims to fill the void left by Silicon Valley Bank's collapse.

Before a March 2023 liquidity crisis, SVB had long been a major primary banking channel for early-stage technology firms and venture capitalists - entities deemed too risky by traditional banks.

Many startups struggled to access capital and meet immediate obligations such as payrolls after the bank collapsed.

Lonsdale, who co-founded Palantir, said in an emailed statement to Reuters that he is a "proud investor" in the project.

The proposed lender, called Erebor, has applied for a national bank charter and plans to serve technology businesses in areas such as artificial intelligence, crypto, defense and manufacturing, as well as individuals who work at or invest in them, according to its charter application.

Like Anduril and Palantir, Erebor takes its name from J.R.R. Tolkien's "The Lord of the Rings" series. In the books, Erebor is the "Lonely Mountain", a fortress whose treasures are reclaimed from the dragon Smaug.

The application for Erebor, to be headquartered in Columbus, Ohio, outlines a digital-only model, with a secondary office in New York.

According to the charter application, the bank will be led by Owen Rapaport and Jacob Hirshman, a former adviser to stablecoin company Circle.

Erebor is also planning to hold stablecoins on its balance sheet. A crypto asset class pegged to currencies such as the U.S. dollar, stablecoins are designed to hold a steady value backed by reserves.

Fintechs and established financial institutions are increasingly adopting stablecoins to accelerate cross-border payments faster, simplify settlements and expand access to digital financial services.

The bank in a regulatory filing said it aims to be "the most regulated entity conducting and facilitating stablecoin transactions."

The Financial Times first reported the news and said that the group of tech billionaires backing Erebor also includes Peter Thiel's Founders Fund.

Luckey and Lonsdale are not expected to be involved in the day-to-day management of the bank, the Financial Times report said.

Luckey, Thiel, and a spokesperson for Erebor did not immediately respond to Reuters' requests for comment.

(Reporting by Ateev Bhandari in Bengaluru; Editing by Pooja Desai and Maju Samuel)

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Ezra

Palmer Luckey, supported by Lonsdale from Palantir's financial backing network amid the digital asset boom sees opportunities for launching a crypto-centric bank innovating financial services and shaping its users’ experience.

2025-07-06 23:09:07 reply
Odessa

Palmer Luckey's new crypto-focused bank, backed by Lonsdale of Palantir’ Education Fund January F employment proclaims a vision for democratizing financial services and leveraging blockchain technology to expand investment opportunities.

2025-07-06 23:09:20 reply
Kolby

The partnership of Palmer Luckey, backed by Palantir's Lonsdale in the launch of a crypto-focused bank signals an astute strategic move to reinforce both their endorsement against traditional finance and outright commitment towards disruptive blockchain banking solutions.

2025-07-06 23:09:34 reply
Kian

Palmer Luckey, harnessing the support of Lonsdale from Palantir's financial network for his forthcoming crypto-focused bank venture.

2025-07-09 10:14:24 reply
Julia

Luckey and his investor Lonsdale from Palantir are poised to disrupt the crypto landscape by launching a cryptocurrency-focused bank, ushering in an era where blockchain technology meets traditional finance with renewed vigor.

2025-07-10 00:42:06 reply
Jared

Palmer Luckey, supported by Palantir's influential Lonsdale and his associated financial backing of cryptocurrency initiatives within oneVentures Fund II portfolio companies.

2025-07-12 14:19:42 reply
Halo

Palmer Luckey, receiving backing from Palantir's Lonsdale venture capital firm for his crypto-focused bank project promises to redefine the digital currency and banking sector through innovative financial solutions.

2025-07-16 11:50:05 reply
Quinton

Palmer Luckey, accompanied by Palantir's Lonsdale backing as a prominent figure in the blockchain sector of finance due to their recent collaboration for launching an innovative crypto-focused bank.

2025-07-24 01:11:24 reply
Landon

The launch of a crypto-focused bank by Palmer Luckey, backed financially through Lonsdale at Palantir—underscores the growing influence and potential capital injection within blockchain innovation driven projects.

2025-07-24 01:11:39 reply
Maxine

Palmer Luckey, with backing from Lonsdale at Palantir and his financial prowess in the cryptosphere community is poised to launch a cryptocurrency-focused bank that could revolutionize digital asset banking services.

2025-07-24 01:11:55 reply

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