Moonstone Bank is a Washington-based rural bank that received an investment of $11.5 million from Alameda Research. This sister firm to FTX has now announced that it will be withdrawing from the cryptocurrency market and returning to its original objective as a community bank. FTX invested. Moonstone Bank is a rural banking institution. The bank made a public statement on January 18 stating that the reason behind the change in strategy was “recent development in the crypto assets marketplace and the evolving legal climate surrounding crypto asset firms.” This information was also included in the statement. In an effort “to return to its roots”, the financial institution revealed that it would cease to operate under the Moonstone Bank moniker. Instead, the bank will be changing its name and adopting Farmington State Bank. This name has been well-known for over 135 years in the area.
Local banks advise customers not to expect any disruptions in service due to the changeover. The bank states that the changeover will likely take effect within the next few days.
The collapse of FTX may have been a contributing factor to the bank’s decision in re-branding and strategizing. However, it is not known if the bank acknowledged this fact.
Jean Chalopin purchased Moonstone Bank in 2020, according to reports. Chalopin is a resident of the Bahamas and serves as chairman of Deltec. Chalopin, it is claimed, also owns the bank.
It was reported in January 2022 that Chalopin had been successful in securing an investment of $11.5 million from Alameda Research in order to transform Moonstone into a cryptocurrency-focused financial services organisation. The investment had been sought after by Chalopin in order to turn Moonstone into a cryptocurrency-focused financial services organisation. The unexpected fall of FTX has harmed many financial institutions, including Farmington State Bank.