JPMorgan Chase closes US Bitcoin mining company bank accounts

US banking giant JPMorgan Chase allegedly blocked all accounts of Compass Mining, a Bitcoin mining company (BTC) based in Delaware. The information came to light when Compass Mining CEO Whit Gibbs protested on twitter:

“Protest against Chase for closing Compass Mining accounts, for doing our part to replace the old guard with self-sovereign strong-money advocates, with a focus on the future. Follow #Bitcoin or get out of our way.”

Compass Mining is involved in offering rigs mining and hardware hosting services for Bitcoin mining. To support Bitcoin’s hash rate and network, the company allows individual users to conduct mining operations through its private infrastructure.

Cointelegraph has contacted both parties for more information and will update this article if there is a response.

Related: JPMorgan gives customers access to six cryptocurrency funds… but only if they ask.

Recently, JPMorgan has demonstrated support for the cryptocurrency ecosystem – from seeking out talent in the field of blockchain technology to allowing affluent investors access to cryptocurrency funds.

On Aug. 6, in an effort to give its clients exposure to cryptoactives, JPMorgan provided access to six cryptocurrency funds in a three-week period. This initiative exposed traditional investors to the Stone Ridge Bitcoin Strategy Fund, which aims to strategize around Bitcoin futures contracts and pool direct and indirect Bitcoin investments.

Last month, Mary Callahan Erdoes, director of asset and wealth management at JPMorgan, highlighted the importance of meeting client demand for investments in cryptocurrencies. “Many of our clients say, ‘This is an asset class and I want to invest in it,’ and our job is to help them put their money where they want to invest,” he said.


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