American banking giant JPMorgan Chase has purportedly shut down all account activities of Compass Mining, a bitcoin (BTC) mining firm based out of Delaware. This information came to light when Compass Mining CEO Whit Gibbs stated:
“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 previously been involved in providing mining rigs and hardware hosting services for Bitcoin mining. In the pretext of supporting the Bitcoin hash rate and network, the firm enables individual users to undertake their mining operations through its private infrastructure. The company offers US citizens exposure to Bitcoin mining through its available services.
JPMorgan has shown support to the cryptocurrency ecosystem in the past; ranging from seeking blockchain talent to letting wealthy investors access crypto funds. On August 6, while trying to provide regulated crypto exposure to its clients, JPMorgan gave access to six crypto funds within three weeks.
That move alone exposed traditional investors to a Stone Ridge Bitcoin Strategy Fund that aimed to strategize around the Bitcoin futures contracts and pooled indirect and direct bitcoin investment.
In July, the director of asset and wealth management at JPMorgan, Mary Callahan Erdoes, mentioned the benefits of meeting the demand for crypto investments. She said:
“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.”