JPMorgan Chase according to recent news has closed down the account of Delaware-based Compass Mining which is one of its investors providing citizens exposure to Bitcoin mining via its private infrastructure.
JPMorgan Chase, an American banking institution, is said to have suspended all account activities of Compass Mining, a Bitcoin (BTC) mining firm situated in Delaware. Whit Gibbs, the CEO of Compass Mining, revealed the information when he said:
“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 providing Bitcoin mining rigs and hardware hosting services. The company allows individual customers to mine using its private infrastructure under the guise of supporting the Bitcoin hashrate and network.
JPMorgan has already expressed interest in the crypto industry, from hiring blockchain experts to letting affluent individuals invest in crypto funds.
Chase granted access to six crypto funds in a three-week period on Aug. 6, in an effort to provide clients with crypto exposure.
This action has made traditional investors aware of a Stone Ridge Bitcoin Strategy Fund, which aims to strategize around Bitcoin futures contracts as well as pooled direct and indirect Bitcoin investing.
Last month, Mary Callahan Erdoes, JPMorgan’s director of asset and wealth management, emphasized the significance of addressing the demand for crypto investments.
“A lot of our clients say, ‘That’s an asset class in which I want to invest,’ and our role is to assist them in putting their money where they want to invest,” she explained.
