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

Palmer Luckey, the creator of defense technology start-up Anduril Industries, has reportedly backed a cryptocurrency-friendly banking start-up that aims to revolutionize the financial sector. Luckey is supporting a budding financial firm that aims to provide “stability” to Silicon Valley, as reported by The New York Post. The company’s primary goal is to assist tech entrepreneurs in expanding their businesses, rather than solely focusing on maximizing returns on deposits. Luckey is reportedly collaborating on the bank start-up with tech investor and Palantir Technologies Inc. co-founder Joe Lonsdale.

This development follows Luckey’s recent confirmation of plans for Anduril’s initial public offering. In an interview, Luckey emphasized that Anduril is being operated with the intention of becoming a publicly traded company, highlighting the necessity of public status to compete for significant defense contracts. The decision to go public coincides with Anduril achieving new valuation milestones.