thecoinrise.com
Hayden Adams, the co-founder and Chief Executive Officer of Uniswap decentralized exchange has called out American banking giant, JPMorgan Chase & Co for closing down his bank accounts. Taking to Twitter to express the displeasure, Hayden noted that the bank took down his accounts without offering any form of explanation, a move that further showcased the ills inherent in Centralized Banking systems.
Uniswap is one of the biggest pioneering Decentralized Finance (DeFi) protocols, mainstreaming the switch to Automated Market Makers (AMM) for decentralized exchanges back in 2020. Thus far, the exchange’s native token, UNI is worth $6.2 billion and is ranked as the 24th largest digital currency by market capitalization.
Following the success of Uniswap and other key investments in the digital currency ecosystem, it is no doubt that Hayden would have raked in a lot of money, one that now seems unwelcome in mainstream banking. According to the Uniswap founder, the banks are now taking the competition between traditional and decentralized finance personal as he knows many people in the crypto industry that have been targeted in the past.
“This week @jpmorgan @Chase closed my bank accounts with no notice or explanation. I know many individuals and companies who have been similarly targeted simply for working in the crypto industry. Thanks for making it personal,” he said in the tweet.
Hayden Account Suspension, Proactive Response?
With JPMorgan’s two official accounts tagged in the Hayden tweet, the banking support staff reached out to him, asking for details to be shared about the unpleasant experience he’s had.
“It sounds like you’ve had a less than ideal experience, and we want to know where you are coming from. Let’s work together on your concern. Will you please DM your name, zip, and any other information you’d like to share?” the bank’s support tweeted.
The spat has drawn a lot of mixed feeling from individuals on the bird app, as many see the response as a proactive one, riding on the gradual involvement of JPMorgan in the crypto industry, while more believes it is a measure for the company to save face. In all, the Hayden ordeal is a show-off that mainstream banking is still antagonistic to the monetary evolution that is currently being championed by DeFi protocols and blockchain innovators in general.
While this may be an undue conclusion, the spat on Hayden’s account suggests that his links to crypto are suspicious, hence the suspension of his account.