A group of tech billionaires led by Anduril Industries co-founder Palmer Luckey is launching a new crypto-focused U.S. bank to fill the void left by the 2023 collapse of Silicon Valley Bank, the Financial Times newspaper reported, citing people familiar with the matter.

The group also includes Peter Thiel’s Founders Fund and Palantir co-founder Joe Lonsdale, a major donor to U.S. President Donald Trump’s 2024 campaign, the July 1 report in the FT said.

The Reuters news agency said Lonsdale confirmed he is investing in the bank, to be called Erebor.

The Business Journal reached out to Luckey regarding previous reports of his participation in the bank project and is awaiting a response.

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