JPMorgan Chase reportedly shuts down bank accounts of Bitcoin mining firm
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 hash rate 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.
Related: JPMorgan now offers clients access to six crypto funds … but only if they ask
JPMorgan has previously shown support to the crypto ecosystem — all the way from seeking blockchain talent to allowing wealthy investors access to crypto funds.
On Aug. 6, in an effort to offer crypto exposure to clients, JPMorgan 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, Mary Callahan Erdoes, director of asset and wealth management at JPMorgan, 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.