Who could have imagined that at this stage of its evolution, Moonstone, the big American bank, would find itself at the door of the crypto market? This decision follows the collapse of the FTX company. After changing its name, the Moonstone bank decided to abandon its activities in the crypto industry. However, one wonders about the reasons for this departure and change of name at this time. In the majority of cases, a company, particularly a financial one, cannot change its name if the reasons are not profound and do not affect its survival.
Moonstone’s new status surprises!
The moonstone bank is a rural bank located in Washington which has been operating as a community bank for 135 years. During its history, the bank has taken an interest in cryptocurrency business by linking up with FTX. Moonstone Bank today decides to withdraw from the cryptocurrency space and change its name. Several reasons can be put forward.
The latest changes and various major operations observed in the crypto sector have not left Moonstone Bank indifferent. According to its January 18 statement, the bank would claim that its departure is a logical consequence of the latest adjustments made in the crypto asset sector. The bank also believes that it is no longer carrying out its sovereign missions as a US financial institution. But according to several sources, the main reasons for this departure and change of name are related to the collapse of the FTX company.
Moonstone Bank has been linked to FTX since 2020 through the president of the company Deltec which is based in the Bahamas, Jean Chalopin. Deltec is a banking business partner of FTX. Alameda Research is said to have provided Jean Chalopin with $11.5 million this January 2022. This is for him to turn Moonstone Bank into a business whose main business would be in crypto assets.
Conclusion
The unexpected FTX implosion has affected several businesses and financial firms. Some have sold their assets and reduced their workforce by more than 40% in order to be solvent towards their customers. Moonstone chose to take another path in order not to lose face in this financial and economic carnage.
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