China’s Nano Labs embraces Bitcoin as payment option

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As a seasoned researcher with a keen interest in both technology and finance, I find Nano Labs’ decision to accept Bitcoin as payment for its products intriguing. Having followed the cryptocurrency market since its inception, I’ve seen its ups and downs, but its growing adoption among businesses is undeniable.

The Hangzhou-based company specializing in designing integrated circuits, Nano Labs, is now welcoming Bitcoin payments for their goods. They have set up a business account with Coinbase to facilitate this new mode of transaction.

Nano Labs, a company from Hangzhou, Zhejiang province that specializes in designing chips for cryptocurrency mining, announced on November 11th that they are now accepting Bitcoin (BTC) as a payment option for their products via a business account on Coinbase. This move indicates the increasing interest in crypto transactions within the technology industry.

In the realm of my research, I am observing an escalating trend in the widespread adoption of cryptocurrencies, especially among businesses yearning for swift and secure cross-border transactions. By embracing Bitcoin as a form of payment, our company is demonstrating its forward-thinking approach within this dynamic digital economy.

Nano Labs

Nano Labs focuses on Bitcoin as part of ‘long-term vision’

Though Nano Labs’ intentions regarding holding Bitcoin on their balance sheet are still uncertain, they underscored that accepting cryptocurrency aligns with their future goals. Following this announcement, Nano Labs’ shares experienced a 5.6% increase, reaching $3.40 in the pre-market trading session, as per data from Nasdaq.

Established by Kong Jianping and Sun Qifeng back in 2019, Nano Labs made its public debut in July 2022. Originally aiming to gather around $50 million during their U.S. initial public offering (IPO), they managed to raise just $20 million instead. As a China-based provider of fabless IC design and product solutions, Nano Labs produces chips such as the Cuckoo 1.0, Cuckoo 2.0, and Darkbird 1.0. Based on data from PitchBook, most of their earnings stem from the Chinese market.

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2024-11-11 17:26