Nano Labs, a China-based crypto mining chip manufacturer, announced that it will now accept Bitcoin for payments through Coinbase, causing a slight increase in its share price. Listed on Nasdaq, the Huangzhou-based company said the move reflects its dedication to “embracing the latest in financial technology,” driven by rising demand for digital currency transactions within the tech industry.
Nano Labs Embraces Bitcoin Amid Growing Digital Payment Demand
In a statement on November 11, Nano Labs highlighted its “proactive stance” in adapting to the evolving digital economy. The company noted that Bitcoin payments will offer “greater payment flexibility” to clients, though it did not disclose whether it plans to hold Bitcoin on its balance sheet. Following the announcement, Nano Labs’ stock price increased by 2.81%, reaching $3.29. However, this gain hasn’t yet made up for the stock’s over 60% decline over the past month.
Growing Trend: Companies Accepting Cryptocurrency Payments
Nano Labs joins a growing number of global companies adopting cryptocurrency as a payment method. For instance:
- Microsoft allows Bitcoin payments for purchases in its Xbox store.
- McDonald’s accepts crypto payments in El Salvador and Lugano, Switzerland.
- Dallas Mavericks, the NBA team, enables fans to use Bitcoin for tickets and merchandise through BitPay.
China’s Evolving Stance on Cryptocurrency
China has a complex relationship with crypto. Despite a major crackdown on crypto mining and trading in 2021, recent signs suggest a softening stance. In September, former Chinese finance minister Lou Jiwei encouraged close examination of crypto’s developments, and a Shanghai court recently recognized Bitcoin as a valuable, unique digital asset. Earlier this year, Hong Kong’s Securities and Futures Commission approved its first spot Bitcoin and Ether ETFs, indicating a growing openness in the region.
