Moonstone Bank, a rural Washington state bank that has received about $11.5 million in investment from FTX’s sister company, Alameda Research, has acquired.announcetoday to leave the crypto space and return to its “original mission” as a community bank.
In a statement issued by the bank – now known as Farmington State Bank – on Jan. 19, it claimed the change in strategy was the result of “Recent events in the crypto asset industry and the changing regulatory environment surrounding the crypto asset business.”
The bank stated that it wanted to The bank said it would no longer use the Moonstone Bank name and would change its name and use the well-known Farmington State Bank name. which has been part of the local community for 135 years
from the bank’s information This change is expected to take effect in the coming weeks. And domestic bank customers will not experience any service interruptions.
Although the bank does not openly address the collapse of FTX as part of its strategy and rebranding decision, But it is understood that these events may be related.
Moonstone Bank was acquired in 2020 by Jean Chalopin, president of Deltec, based in the Bahamas. FTX banking partner and Chalopin reportedly received a $11.5 million investment from Alameda Research in January 2022 to transform Moonstone into a crypto-focused financial services firm.
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