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The co-founder and CEO of Compass Mining, Whit Gibbs, announced via Twitter that Chase bank has shut down the company’s bank accounts.
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“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,” said the CEO on his Twitter account.
Compass Mining mines Bitcoin, sells miners, hosts miners for customers and is one of the largest Bitcoin mining companies in the world. The motive behind Chase’s decision is still unclear as is how Compass Mining plans to move forward following the account cancellations.
Further down the comments, Gibbs noted that the company is already in talks with Silicon Valley Bank, the same bank that helped companies like Coinbase secure bank accounts in its early days.
“In talks. SVB has been fantastic,” said Gibbs.
While the move by Chase seems to have been an inconvenience for Compass, Gibbs said that the company does not depend solely on an institution like Chase for all of its finances and that it’s still operating as usual.
“Fortunately the company doesn’t entrust its finances solely in one dusty-ass institution so business operations move on as usual,” said Gibbs.
This story is developing.
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