Compass Mining is a Delaware-based cryptocurrency mining enterprise that allows retail consumers to get exposure to the mining services. The company harbors a privately-owned infrastructure, and it is focused on increasing the hashrates for Bitcoin as well as decentralized mining options. Recently the company has started to face some issues on the financial front.
As per a new public statement by the top executive of Compass Mining, the custodial accounts of the enterprise have been blocked by one of the largest banks in the USA. Whit Gibbs is the CEO of Compass Mining, who recently told media that JP Morgan Chase seized the corporate accounts of crypto organizations for their futuristic views on the Bitcoin industry.
JP Morgan has not Published any Official Statement Regarding Blocking of Bank Accounts
JP Morgan Chase is considered one of the largest banks in the USA. The bank is also based in Delaware, Pennsylvania. Thus far, JP Morgan Chase executives have not come forward with an official statement over the matter. It is worth noting that Compass Mining allows individual miners to procure blocks with the help of their private mining operating systems.
As per Gibbs, the mining corporation has been attempting to replace the old methods of institutionalized mining processing with self-governed machines and rigs. The people who work with the service want to earn profit by offering a service and use Bitcoin mining as a way to
It is interesting to notice that JP Morgan Chase has been a fairly crypto-friendly enterprise. Recently the financial giant decided to allow their investors to gain exposure in six different altcoins. Only accredited investors of the bank can invest in cryptocurrency. JP Morgan uses Stone Ridge BTC Strategy Fund as a third-party affiliate for crypto staking. This hedge fund deals in different BTC futures and uses active and passive investment pools for the flagship cryptocurrency.
Director for asset and wealth management at JP Morgan Chase, Mary Callahan Erdoes, issued statements about the vision of the bank towards cryptocurrencies. She claimed that there are many clients of the bank who want more cryptocurrencies to be added to the investment panel. She further added that the bank is planning to meet the rising demand of their clients by considering different digital assets as a potential addition to their listed investments.