JPMorgan Chase reportedly shuts down bank accounts of Bitcoin mining firm
The American banking giant, JPMorgan Chase has reportedly blocked all account activities of Compass Mining. Compass Mining is a Bitcoin (BTC) mining firm based out of Delaware.
Compass Mining is well-known for offering hardware hosting services and mining rigs and For Bitcoin Mining. Under the pretext of supporting the Bitcoin hash rate and network, The Firm enables all single users to undertake mining operations via its private infrastructure.
The news are came to on focus when firm’s CEO Whit Gibbs declared on twitter :
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.
— Whit Gibbs (@BitcoinBroski) August 18, 2021
Get behind #Bitcoin or get out of our way
Previously, JPMorgan has shown his support to the crypto ecosystem — all the way from seeking blockchain talent to enabling wealthy investors access to crypto funds.
On 6 Aug, 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,” Mary Callahan Erdoes said.
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