China-based cryptocurrency mining chip designer Nano Labs announced it is now accepting Bitcoin for payments on its Coinbase business account.
Nano Labs' New Move
The Hangzhou-based crypto mining chip maker, listed on Nasdaq, stated that this move is part of its commitment to embracing new financial technologies. With increasing demand for digital currency transactions in the technology sector, Nano Labs aims to proactively engage in the evolving digital economy.
Market Reaction
Following the announcement, Nano Labs' shares on Nasdaq rose by 2.81% to $3.29. However, this remains far from the all-time high of $96.20, which was achieved in July 2022 soon after the company's Nasdaq listing.
China's Stance on Cryptocurrency
Although Beijing cracked down on crypto activities in May 2021, closing many mining firms and suspending trading, recent developments suggest a relaxation of this stance. For instance, former Chinese finance minister Lou Jiwei urged careful examination of crypto advancements during a recent speech.
Nano Labs' decision to accept Bitcoin highlights ongoing transitions toward a digital economy, despite China's complex relationship with cryptocurrencies.
