Hangzhou-based Nano Labs, a cryptocurrency-mining chip designer, has started accepting Bitcoin as a payment method through a Coinbase business account.
Nano Labs' Bitcoin Payments
Nano Labs announced that it now accepts Bitcoin as a payment method for its products via a business account on Coinbase. This decision reflects the growing demand for crypto operations within the technology sector.
Strategy and Focus on Bitcoin
While it remains unclear whether Nano Labs plans to hold Bitcoin on its balance sheet, the firm emphasized that accepting the cryptocurrency aligns with its long-term vision. Following the announcement, Nano Labs' shares rose 5.6%, reaching $3.40 in pre-market trading, according to Nasdaq.
Company History and Products
Founded in 2019 by Kong Jianping and Sun Qifeng, Nano Labs went public in July 2022. The company initially aimed to raise up to $50 million in its U.S. IPO but secured only $20 million. Nano Labs operates as a fabless IC design and product solution provider in China, offering products like the Cuckoo 1.0, Cuckoo 2.0, and Darkbird 1.0 chips. The majority of its revenue comes from China, according to PitchBook.
Nano Labs' decision to accept Bitcoin as a payment method reflects its effort to adapt to modern digital trends and the growing interest in cryptocurrencies within the business landscape.
