Palmer Luckey, which the Fast Anduril Growth Defense Firm is in the revolutions of the modern war, is now supporting an ambitious bank startup that aims to rethink the world of finance.
The 32 -year -old technological tycoon is supporting a financial firm that aims to provide stability to Silicon Valley, and focuses mainly on helping technology entrepreneurs to build their businesses versus maximizing deposits’ returns, said Insiders.
The startup is temporarily called a “ Eribor ”, a reference to the mountain where the Smaug dragon stores its golden range in the pre -custody “ The Lord of the Rings ” by Jrr Tolkien, but the moniker is not definitive and could change, according to sources.
In addition to cash money, sources said that Eribor aims to manage deposits at Stablecoin, a digital currency class directly valued to an “stable” asset, such as the north -American dollar or gold.
Luckey, who created the headphones Oculus VR famous and whose net value is a $ 3.6 billion forbes value, was associated with the bank startup with the technological investor Joe Lonsdale, who told The Post sources close to the project.
Lonsdale 8vc risk firm leads a fundraising round of $ 225 million for the startup, in cash that will be used to meet the federal regulatory requirements to launch a bank, according to sources.
The startup assessment was not immediately learned after money assessment.
The representations of Luckey and Lonsdale, which each one will sit on the board of directors of the new company, according to sources, did not immediately comment.
The Erebor project is in its early stages and the plans have not been completed, the sources added. The members have not yet set a date to start operations.
Although Luckey is a co -founder, it is not expected that he has an executive role or to participate in the day -to -day operations in Erebor. The names of other co -founders and risk companies involved in the initial fundraising round could not be learned immediately.
Talks on Erbor began shortly after the sudden collapse in 2023 in Silicon Valley Bank, once the technology startup bank and risky companies, according to sources.
SVB was implodated after the increase in interest rates triggered a liquidity crisis that left clients incapable of accessing their accounts and paying attention. The FEDs finally moved to guarantee the deposits to prevent a complete financial crisis.
Offering deposits and staboin support will allow Erbor to offer a constant service even during bank holidays, providing flexibility for agile startups, according to sources.
The staboins have won a wider adoption in recent months, as President Trump has adopted a lighter regulatory approach to digital coins.
Stabids look like a less volatile investment option than cryptocurrencies such as Bitcoin, which may experience major price changes during market instability periods. Congress is about to pass the genius law, which would establish a regulatory framework for staboins.
Luckey and his allies also look for an alternative to the traditional fractional reserves banking, where banks deploy most of their client’s deposits, keeping only a relatively small amount in reserve at a particular time.
The group wants a conservative balance and considered imposing a maximum limit regarding loan-deect, potentially in the 50%dance park, according to family sources with internal discussions.
One of the concepts that arise is to offer a bank account with deposits one by one, which means that any assets stored in Eribor would remain there intact, the sources added.
The startup would mark another adventure for Luckey, whose firm anduril directly competes with traditional defense contractors such as Lockheed Martin and Northrop Grumman. Anduril recently achieved a $ 30.5 billion assessment in a round supported by Peter Thiel’s founders.
The name anduril is another nod of the “lords of the rings”, referring to the favorite character of the Aragorn fans.
Luckey sold Oculus VR to Facebook in 2014 for $ 2 billion. The technological entrepreneur was later fired from Facebook in 2017 after he donated $ 10,000 to a Pro-Donald Trump group.
In a major turn, Luckey recently finished his feud with Meta Zuckerberg.
The couple announced that Meta and Anduril will be united to develop augmented reality and virtual reality devices with force ai to use them by the US military.
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