China-based Nano Labs turns to Bitcoin payments amid potential policy shift in the country

Share This Post

China-based crypto mining chip designer Nano Labs is now accepting Bitcoin as payment for its products through its business account on Coinbase, according to a Nov. 11 statement.

The firm said it adopted Bitcoin payments in response to increasing demand for digital currency options in the tech world. It added that the payment flexibility is intended to benefit clients and partners, especially as businesses worldwide embrace crypto for streamlined, secure cross-border transactions.

Nano Labs said the move positions it favorably to attract a broader audience of tech-forward clients who prioritize flexible, digital payment systems.

Nano Labs was founded in 2019 and specializes in fabless IC design. The firm is also focused on developing high-throughput computing (HTC) chips, high-performance computing (HPC) chips, smart network interface cards (NICs), and other advanced computing solutions.

Stock performance

In July 2022, Nano Labs raised $50 million to go public in the US. However, the stock has performed poorly since the IPO, falling roughly 95% since it began trading that year.

Earlier this year, Nasdaq reportedly notified Nano Labs that its stock had fallen below the required minimum market value of publicly held shares (MVPHS) of $15 million over 30 consecutive trading days.

The company rectified the issue and met Nasdaq’s requirement by maintaining an MVPHS of $15 million for 10 days by Oct. 9.

Nano Labs’ decision to accept Bitcoin may help counterbalance its recent stock performance. This year, Bitcoin-related stocks of several micro-cap companies like Semler Scientific and Metaplanet have rapidly increased following their decision to adopt the top digital asset.

China’s stance

As a China-based company, Nano Labs’ embrace of Bitcoin may signal subtle shifts in China’s traditionally restrictive crypto policies.

Over the past years, China has maintained a stringent regulatory system prohibiting institutions from engaging in crypto transactions and mining activities.

Despite these measures, the Asian country remains a major force in the global crypto landscape, controlling over half of the Bitcoin network’s hashrate.

Meanwhile, recent calls for a policy reassessment from figures like former Deputy Finance Minister Zhu Guangyao hint that China’s approach to digital currencies may shift in alignment with global trends favoring wider crypto adoption.

The post China-based Nano Labs turns to Bitcoin payments amid potential policy shift in the country appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ripple vs SEC: XRP Lawsuit Takes a Positive Turn with Court’s Latest Ruling

The post Ripple vs SEC: XRP Lawsuit Takes a Positive Turn with Court’s Latest Ruling appeared first on Coinpedia Fintech News In the latest development, Ripple has scored a legal victory In the

Binance Labs Transfer 4 Investment Projects To Gate Today!

The post Binance Labs Transfer 4 Investment Projects To Gate Today! appeared first on Coinpedia Fintech News During the early Asian trading hours, the Binance Labs has transferred four investment

Bitcoin Open Contracts on Cryptocurrency Exchanges Hit A New ATH!

The post Bitcoin Open Contracts on Cryptocurrency Exchanges Hit A New ATH! appeared first on Coinpedia Fintech News The Bitcoin (BTC) has achieved a new all-time high (ATH) of $93,43446 However, the

Legendary Brazilian Hedge Fund Manager Bets on Trump’s Allegiance to Bitcoin

Luis Stuhlberger, a legendary Brazilian hedge fund pioneer, disclosed that Verde, the firm he leads, built a bitcoin position before Trump’s victory The firm remarked that President

BONK Price Prediction 2024, 2025-2030: Will BONK Price Price Hit $0.00010?

The post BONK Price Prediction 2024, 2025-2030: Will BONK Price Price Hit $000010 appeared first on Coinpedia Fintech News Story Highlights The live price of the BONK token is BONK coin price may

Binance Now Bitcoin Whale Hub: Mean Inflow Jumped Almost 10x In 2024

On-chain data shows the average Bitcoin inflow to Binance has seen rapid growth over 2024, implying whales have been using the exchange more Bitcoin Mean Exchange Inflow To Binance Has Shot Up Over