Moonstone Bank, a rural bank in Washington state that received an estimated $11.5 million investment from FTX’s sister firm Alameda Research, has announced it is withdrawing from the cryptocurrency industry and returning to its “original goal” as a community. . bank. The investment was made by FTX. Moonstone Bank is a rural bank. In a statement made public on Jan. 18, the bank said the reason for the change in strategy was “recent developments in the crypto asset market and the evolving legal environment surrounding crypto asset companies.” This information was included in the statement. The financial institution recently revealed that it would no longer operate under the Moonstone Bank name as part of an effort to “return to its roots.” Instead, it will change its name and re-adopt the Farmington State Bank name, which has been well known in the surrounding community for the past 135 years.

Local bank customers should not anticipate any service interruptions as a result of the change, as the bank says the change is likely to take effect in the coming weeks.

It is common knowledge that the bank’s decision to redesign its strategy and rebrand may be related to the collapse of FTX, even though the bank did not directly acknowledge the failure of FTX as a reason for its decision to make these changes.

Moonstone Bank was reportedly acquired by Jean Chalopin in the year 2020. Chalopin lives in the Bahamas and acts as the president of Deltec, which is another financial partner of FTX. Chalopin is also said to have owned the bank.

In January 2022 it was reported that Chalopin had managed to secure an investment of $11.5 million from Alameda Research to transform Moonstone into a cryptocurrency-focused financial services organization. Chalopin had sought the investment to turn Moonstone into a cryptocurrency-focused financial services organization. It would appear that Farmington State Bank is one of several financial institutions that have been hurt as a result of FTX’s unexpected drop.