Scoop: New details on Palmer Luckey's crypto unicorn
Driving the news: The agreement will see Atticus (or at least its team) effectively merge into something called Erebor, recently formed by Luckey with plans to get a banking license.
Investors in the combined entity would include 8VC, Founders Fund, and Haun Ventures.
Sources say that the new investment will be for around $250 million at the $2.25 billion valuation.
The big picture: Crypto startups and founders say they've been victims of debanking, and this may be Luckey's way to ensure it doesn't happen to him or fellow founders in the future.
Zoom in: On theme with his past companies, Erebor is named after the Lonely Mountain from the Lord of the Rings trilogy and The Hobbit.
The combined business would bank startups, with a stablecoin-native element to it.
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Anduril CEO Palmer Luckey's new digital banking startup set to be valued at $2 billion, sources say
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Business Insider
2 hours ago
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