JPMorgan Chase reportedly shuts down bank accounts of Bitcoin mining firm
Delaware-based Compass Mining offers U.S. citizens exposure to Bitcoin mining via its private infrastructure.
American banking giant JPMorgan Chase has reportedly blocked all account activities of Compass Mining, a Bitcoin (BTC) mining company based out of Delaware. The information came to light when Compass Mining CEO Whit Gibbs announced:
“Shoutout to Chase for shutting down Compass Mining accounts for doing our part to replace the old guard with self-sovereign, future-focused supporters of hard money. Get behind #Bitcoin or get out of our way”
Compass Mining has been involved in offering mining rigs and hardware hosting services for Bitcoin mining. Under the pretext of supporting the Bitcoin hashrate and network, the company allows individual users to undertake mining operations via its private infrastructure.
Cointelegraph has reached out to both parties for further comments and will update this article should they respond.
On Aug. 6, in an effort to offer crypto exposure to clients, Chase allowed access to six crypto funds in a span of three weeks. This move has now exposed traditional investors to a Stone Ridge Bitcoin Strategy Fund that intended to strategize around Bitcoin futures contracts and pooled direct and indirect Bitcoin investment.
Last month, JPMorgan’s director of asset and wealth management Mary Callahan Erdoes highlighted the importance of meeting the demand for crypto investments. “A lot of our clients say, ‘That’s an asset class, and I want to invest,’ and our job is to help them put their money where they want to invest,” she said.