China-based Nano Labs turns to Bitcoin payments amid potential policy shift in the country China-based Nano Labs turns to Bitcoin payments amid potential policy shift in the country
Nano Labs embraces Bitcoin to tap into digital payment trends amid challenging stock performance.
2 min read
Updated: Nov. 11, 2024 at 11:36 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Metaplanet
Metaplanet Inc., a publicly traded company listed on the Tokyo Stock Exchange (3350), is a Japanese company that has undergone a strategic transformation to focus on Bitcoin.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
