The financial conglomerate JPMorgan Chase has ceased servicing Compass, the mining company founded by Whit Gibbs.
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 🔥
— Whit Gibbs 🧭 (@BitcoinBroski) August 18, 2021
Gibbs reacted emotionally to the development.
“Thanks” to Chase for closing Compass accounts. This has become part of our work to replace the “old guard” with sovereign, future-focused supporters of hard money. Support Bitcoin or get out of the way,”, he wrote.
The top executive did not specify the reasons for ending the partnership.
According to Gibbs, the company is already in talks with Silicon Valley Bank. One of his followers noted that the institution previously backed Coinbase at the early stage of the industry.
In talks. SVB has been fantastic.
— Whit Gibbs 🧭 (@BitcoinBroski) August 18, 2021
Compass’s CEO assured that the company remains operational. Accounts have been opened not only in one ‘foul-smelling’ institution.
Edit: fortunately the company doesn’t entrust its finances solely in one dusty-ass institution so business operations move on as usual 😘
— Whit Gibbs 🧭 (@BitcoinBroski) August 18, 2021
Earlier in July, Compass and the California-based nuclear plant operator Oklo reached an agreement to mine Bitcoin on the latter’s facilities.
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