• Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, will be exiting the crypto space and returning to its ‘original mission’ as a community bank.
• The bank 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.
• The change is estimated to take effect in the coming weeks and local banking customers will not experience any disruption of services.
Following the collapse of FTX, Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX’s sister company, Alameda Research, has decided to rebrand and exit the crypto space. This change in strategy comes as a result of the “recent events in the crypto assets industry and the changing regulatory environment surrounding crypto asset businesses”.
In an effort to return to its roots, the bank has announced that it will no longer use the Moonstone Bank name and will instead be rebranding and re-adopting the Farmington State Bank name, which has been a prominent name in the local community for 135 years. This change is expected to take effect in the coming weeks and should not result in any disruption to local banking customers.
The bank has stated that the decision to exit the crypto space was made in order to focus on its “original mission of providing quality banking services to the communities it serves”. They have also stated that they remain committed to their customers and will continue to provide the same level of service that they have been providing.
It is uncertain how the exit of Moonstone Bank from the crypto space will affect the local community, but it is likely that this move will have some sort of impact. It is clear that the events of recent months have had an effect on the crypto industry, and it is likely that other companies may follow a similar path. It is yet to be seen what the long-term consequences of this move will be.