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China-based mining chip designer Nano Labs has begun accepting Bitcoin as payment through Coinbase. This marks a major step for the company as it aims to modernize payment options and meet rising demand in the tech sector.
The announcement on November 11 showcased Nano Labs’ proactive stance toward integrating cryptocurrency into its business model, part of its broader strategy to embrace “the latest in financial technology.” The Hangzhou-based company, listed on Nasdaq, expects Bitcoin payments to offer its clients greater flexibility in cross-border transactions, appealing particularly to tech-forward clients seeking alternatives to traditional currency.
Nano Labs Embracing Bitcoin Amid Stock Volatility
Following the announcement, Nano Labs saw a modest 2.81% increase in its Nasdaq stock, closing at $3.29. However, this gain has done little to alleviate recent share losses; the company’s stock has dropped over 60% from its $8.33 high last month and remains far from its record of $96.20 in July 2022. Nano Labs didn’t disclose if it plans to hold Bitcoin on its balance sheet, a question many investors and analysts are asking given the fluctuations in its stock value.
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The decision to accept Bitcoin follows a broader trend of mainstream businesses integrating cryptocurrency payment options. Companies like Microsoft and McDonald’s have adopted Bitcoin payments in select locations, and the Dallas Mavericks NBA team offers Bitcoin as an option for merchandise and tickets. By joining this movement, Nano Labs aligns itself with global businesses using cryptocurrency as an innovative payment solution.
China’s Complex Stance on Crypto
Nano Labs’ announcement arrives amid a nuanced shift in China’s stance toward digital assets. Beijing initially cracked down on crypto mining and trading activities in May 2021, prompting many firms to relocate.
Despite ongoing restrictions, China’s approach to crypto has softened slightly, with former Chinese finance minister Lou Jiwei recently advocating for the country to monitor crypto developments closely. Additionally, in September, a Shanghai court formally recognized Bitcoin as a unique digital asset with scarcity and value, highlighting a subtle acknowledgment of crypto’s evolving role in the economy.
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Hong Kong, a Special Administrative Region of China, has also made strides in the crypto space. Earlier this year, Hong Kong’s SFC approved the first spot Bitcoin and Ether ETFs, showing that acceptance for digital assets in Chinese territories is not uniform.
Bitcoin adoption by Nano Labs could signal an industry-led shift within China, underscoring a growing openness to crypto in specific sectors despite broader regulatory caution.
