FTX-linked Moonstone bank to exit the crypto space
Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, says that it will be exiting the crypto space and returning to its “original mission” as a community bank.
In a Jan. 18 statement, the bank said that the change in strategy comes as a result of “recent events in the crypto assets industry and the changing regulatory environment surrounding crypto asset businesses.” As part of the bank’s initiative to “return to its roots,” it said that it will no longer use the name Moonstone Bank and will be rebranding and re-adopting the Farmington State Bank name, known in the local community for 135 years.
According to the bank, the change is estimated to take effect in the coming weeks and local banking customers will not experience any disruption of services.
Although the bank did not outrightly cite the collapse of FTX as part of its decision to re-strategize and rebrand, it is understood that these events may be linked.
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