China-based Nano Labs, known for its crypto mining chips, now accepts Bitcoin as payment through its Coinbase account. This move responds to the growing demand for digital currencies in the tech sector.
Introduction of Bitcoin Payments
Nano Labs stated that the adoption of Bitcoin payments is intended to meet the needs of clients and partners, providing payment flexibility. The firm views this move as a way to attract a broader audience that values digital payment systems.
Nano Labs' Stock Performance
In July 2022, Nano Labs went public in the US, raising $50 million. However, its stock has underperformed, falling about 95%. Earlier this year, Nasdaq notified Nano Labs about non-compliance with minimum market value, which the company resolved. Accepting Bitcoin may help improve its stock performance.
China's Stance on Cryptocurrencies
Nano Labs' move to accept Bitcoin may signal potential shifts in China's strict crypto policies. Despite stringent regulations, China controls over half of the Bitcoin network's hashrate, hinting at potential policy reassessment in line with global trends towards broader crypto adoption.
Nano Labs' actions may indicate a possible easing of China's stringent cryptocurrency policies, drawing attention to potential changes in the global approach to digital currencies.
