The U.S.-based investment banking giant JP Morgan Chase has shut down the accounts of Compass Mining, a Bitcoin mining company based out of Delaware.
The CEO of Compass Mining, Whit Gibbs confirmed the news saying:
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.
According to the company’s website, Compass Mining is the “Bitcoin first” company created to “Supporting Decentralized Growth of Hashrate Rates” and BTC Compass Mining will allow “everyone” to mine BTC, even if they do not have their mining equipment.
The incident received mixed reactions from the crypto community. A Twitter user responded to Gibb’s tweet saying that the Bank is trying to sabotage the crypto industry.
Moreover, Twitter CEO Jack Dorsey also extended his support to Compass Mining saying that he was also “trying” to mine BTC with the company.
Recently, JP Morgan gave access to six new crypto funds to its clients to increase the crypto exposure and compete with its other rivals.
