China’s Nano Labs Accepts Bitcoin Payments

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Hassan Shittu

Journalist

Hassan Shittu

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Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in…

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Last updated:

November 11, 2024 15:37 EST

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Hangzhou-based integrated circuit design company Nano Labs announced on November 11 that it will now accept Bitcoin as payment for its products through a business account on Coinbase.

Nano Labs Now Accepts Bitcoin: Is This the Beginning Of China’s Crypto Recognization?

According to the press release, the company is aligning its strategy to embrace the growing integration of cryptocurrency within the tech sector.

The company noted that it is working to give clients greater payment flexibility, with rising demand for digital currency options in the tech sector and reducing delays and fees associated with traditional banking.

Nano Labs, known for its cryptocurrency-mining chips, emphasized that Bitcoin payments reflect a “proactive stance in the evolving digital economy.”

“As cryptocurrency adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions, the company’s acceptance for payments in Bitcoin highlights its proactive stance in the evolving digital economy,” the press release read.

This new payment option positions Nano Labs to attract more customers and partners interested in progressive financial solutions.

According to Nasdaq data, shortly after the announcement, Nano Labs saw a 5.6% rise in its stock price, reaching $3.40 in pre-market trading.

Nano Labs Goes Digital: Is Bitcoin the Next Step for This Tech Innovator?

Kong Jianping and Sun Qifeng founded Nano Labs in 2019. The company went public in July 2022, raising $20 million in a U.S. IPO.

According to PitchBook data, the company specializes in IC designs, including products like the Cuckoo 1.0 and Darkbird 1.0. Most of its revenue is derived from China.

While no official word has been provided on holding Bitcoin in its reserves, this move signals Nano Labs’ growing interest in digital assets.

Meanwhile, Louisiana has processed its first-ever state service payment in cryptocurrency.

On September 19, State Treasurer John Fleming announced that residents could pay with Bitcoin, the Bitcoin Lightning Network, or USD Coin (USDC).

The inaugural crypto transaction — a $50 civil fine to the Department of Wildlife and Fisheries via the Lightning Network — marks Louisiana’s first official step into digital payments.

Bitcoin’s price has soared, reaching an all-time high of $85,000 following Donald Trump’s Nov. 5 U.S. presidential election victory.

The rally saw Bitcoin gain nearly $20,000 in a week, peaking at $84,989 on Nov. 6 before settling at $84,255.

The crypto market Index, representing the broader crypto market, has surged 29% since the election, signaling strong market momentum.