China-based crypto mining chip designer Nano Labs now accepts Bitcoin as payment for its products through its business account on Coinbase, according to a Nov. 11 post statement.
The company said it introduced 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 customers and partners, especially as businesses around the world embrace crypto for streamlined, secure cross-border transactions.
Nano Labs said this move is beneficial in attracting a broader audience of technology-forward customers who prioritize flexible, digital payment systems.
Founded in 2019, Nano Labs specializes in flawless IC design. The company also focuses on the development of 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 its IPO, falling about 95% since trading that year.
Earlier this year, Nasdaq listed reportedly Nano Labs has informed that its shares have fallen below the required minimum market value of listed shares (MVPHS) of $15 million for 30 consecutive trading days.
The company corrected the issue and met Nasdaq’s requirement by maintaining a $15 million MVPHS for 10 days by October 9.
Nano Labs’ decision to accept Bitcoin could offset recent stock performance. This year, Bitcoin-related stocks of several micro-cap companies such as Semler Scientific and Metaplanet have risen rapidly following their decision to adopt the top digital asset.
The Chinese position
As a China-based company, Nano Labs’ embrace of Bitcoin could signal subtle shifts in China’s traditionally restrictive crypto policies.
In recent years, China has maintained a strict regulatory system that prohibits 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 more than half of the Bitcoin network’s hashrate.
Meanwhile, recent calls for a policy reassessment from figures like former Vice Minister of Finance Zhu Guangyao indicate that China’s approach to digital currencies could be shifting in line with global trends favoring broader cryptocurrency adoption.