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

ADA On Fire: Cardano 80% Surge Sparks 1,700% Bullish Forecast

Renowned for its emphasis on sustainability and scalability, the blockchain platform Cardano has seen a notable increase recently ADA, its native token, is surging nearly 80% in the last week, to the

Solana Prepares for a Solid Rebound as Buyers Defend Support Levels: Will SOL Price Hold Above $200?

The post Solana Prepares for a Solid Rebound as Buyers Defend Support Levels: Will SOL Price Hold Above $200 appeared first on Coinpedia Fintech News Solana has become a preferred option for many

Bitwise CIO believes investors are ‘still early’ until Bitcoin reaches $500k

Bitwise CIO Matthew Hougan believes that investors are “still early” until Bitcoin (BTC) claims the  $500,000 price zone for Bitcoin (BTC) In a recent investor note, Hougan highlighted

Will Trump Make Bitcoin America’s Reserve Currency? Polymarket Bettors Say Maybe

Donald Trump’s potential move to establish a national bitcoin reserve sparks interest on Polymarket Polymarket Users Place Bets on US Bitcoin Reserve In an interesting turn, Polymarket, a

BONK Price Poised for a 75% Rally, Complete Insights

The post BONK Price Poised for a 75% Rally, Complete Insights appeared first on Coinpedia Fintech News In the realm of bullish market sentiment, Bonk (BONK), a Solana-based popular meme coin, turned

Altcoin Correction: Why FET, BTT, and MATIC Are Worth Buying!

The post Altcoin Correction: Why FET, BTT, and MATIC Are Worth Buying! appeared first on Coinpedia Fintech News Story Highlights The FET price hints at a 60% jump with a bullish reversal