Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

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

Is Web3 Outperforming Traditional Gaming or Still Falling Short?

The post Is Web3 Outperforming Traditional Gaming or Still Falling Short appeared first on Coinpedia Fintech News In traditional gaming, players invest significant resources in acquiring items,

Bitcoin Market Cycle Indicator Hints At Bullish Breakout Ahead, Analyst Says

According to a recent CryptoQuant Quicktake post by contributor burakkemeci, Bitcoin (BTC) is beginning to show signs of a trend reversal after weeks of downward movement Notably, BTC surged past

Court Convicts US Man in ISIS Crypto-Funding Case; Sentenced to Over 30 Years

A US citizen from Springfield, Virginia has been sentenced to over three decades in federal prison after being convicted of using cryptocurrency to financially support the Islamic State (ISIS), a

BlackRock Pushes SEC to Approve Ethereum ETF Staking and Tokenization

The post BlackRock Pushes SEC to Approve Ethereum ETF Staking and Tokenization appeared first on Coinpedia Fintech News Wall Street giant BlackRock has reportedly held a closed-door meeting with the

Crypto’s $10T Surge Begins—Mainstream Stablecoins Trigger Escape Velocity

Crypto adoption is about to hit escape velocity as Meta, Stripe, and Ramp embrace stablecoins, setting the stage for a $10 trillion surge in digital asset integration, experts say Stablecoins Hit

3 Meme Coins Ready to Beat $PEPE and $BONK in the Next Meme Rally

Meme coins are back After months of silence, they’re making noise again $PEPE just pumped 45% in a single day, lighting up crypto charts like it’s 2021 all over again $BONK, Solana’s meme star,