{"id":541152,"date":"2023-01-20T01:25:17","date_gmt":"2023-01-19T22:25:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ftx-linked-moonstone-bank-to-exit-the-crypto-space\/"},"modified":"2023-01-20T01:25:17","modified_gmt":"2023-01-19T22:25:17","slug":"ftx-linked-moonstone-bank-to-exit-the-crypto-space","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ftx-linked-moonstone-bank-to-exit-the-crypto-space\/","title":{"rendered":"# FTX-linked Moonstone bank to exit the crypto space"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a279b04c7623\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a279b04c7623\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ftx-linked-moonstone-bank-to-exit-the-crypto-space\/#%E2%80%9D_FTX-linked_Moonstone_bank_to_exit_the_crypto_space_%E2%80%9C\" >&#8221; FTX-linked Moonstone bank to exit the crypto space   &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_FTX-linked_Moonstone_bank_to_exit_the_crypto_space_%E2%80%9C\"><\/span>&#8221; FTX-linked Moonstone bank to exit the crypto space   &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvNTQ2OTg0OTAtN2VhNS00ZTk0LTllNGItYjZkZGNmYzEzMjUwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX\u2019s sister company, Alameda Research, says that it will be exiting the crypto space and returning to its \u201coriginal mission\u201d as a community bank.\u00a0<\/p>\n<p>In a Jan. 18\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.businesswire.com\/news\/home\/20230119005836\/en\/\">statement<\/a>, the bank said that the change in strategy comes as a result of \u201crecent events in the crypto assets industry and the changing regulatory environment surrounding crypto asset businesses.\u201d\u00a0<\/p>\n<p>As part of the bank\u2019s initiative to \u201creturn to its roots,\u201d 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. <\/p>\n<p> 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. <\/p>\n<p>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. <\/p>\n<p>Moonstone Bank was reportedly acquired in 2020 by Jean Chalopin, the Bahamas-based chairman of Deltec, which is another FTX banking partner. Chalopin reportedly secured an $11.5 million investment from Alameda Research in January 2022 to transform Moonstone into a crypto-focused financial services firm.\u00a0<\/p>\n<p><strong><em>Related: Silvergate sold assets at loss and cut staff to cover $8.1B in withdrawals: Report<\/em><\/strong><\/p>\n<p>Farmington State Bank <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be on the growing list of banks affected by the sudden implosion of FTX.\u00a0<\/p>\n<p>On Jan. 5, Cointelegraph reported that the FTX debacle has triggered a bank run on Silvergate, causing the company to sell off its assets at a loss and cut staff by 40% to cover $8.1 billion worth of customer withdrawals. As a result of this, Silvergate dismissed around 200 employees, which was 40% of its total personnel. Additionally, the bank canceled its plan to launch its own digital currency project.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ftx-linked-moonstone-bank-to-exit-the-crypto-space\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; FTX-linked Moonstone bank to exit the crypto space &#8220; Moonstone Bank, a rural Washington state bank that received an estimated $11.5 million investment from FTX\u2019s sister company, Alameda Research, says that it will be exiting the crypto space and returning to its \u201coriginal mission\u201d as a community bank.\u00a0 In a Jan. 18\u00a0statement, the bank&#8230;<\/p>\n","protected":false},"author":1,"featured_media":541153,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/54698490-7ea5-4e94-9e4b-b6ddcfc13250.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,74860,135234,89897,71939,117],"class_list":["post-541152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ftx","tag-sam-bankman-fried","tag-banks","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/541152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=541152"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/541152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/541153"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=541152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=541152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=541152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}