Nano Labs, a Chinese crypto mining chip designer, saw its shares rise slightly after the company announced it will now accept Bitcoin as payment for its goods and services through merchant accounts on Coinbase.
November. 11 statementheadquartered in Huangzhou Cryptocurrency Mining The Nasdaq-listed chipmaker said the move was part of its “commitment to embrace the latest financial technologies” as demand for digital currency trading increases in the technology sector.
Nano Labs said it is “taking a proactive stance in the evolving digital economy” as cryptocurrency “adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions.”
According to Nano Labs, adopting Bitcoin (Bitcoin) will offer “greater payment flexibility,” but it did not provide any details on whether it intends to keep cryptocurrencies on its balance sheet.
After the announcement, the company’s shares Nasdaq listed company Up 2.81% to $3.29.
Shares of Nano Labs rose slightly after announcing it would accept Bitcoin as a payment option. Source: Nasdaq
However, that hasn’t been enough to offset last month’s plunge in the stock price, which is down more than 60% from a high of $8.33. It’s also well below the all-time high of $96.20 set in July 2022, shortly after the company listed on Nasdaq.
More and more companies are Cryptocurrency now accepted as payment method for some of their services.
Microsoft allows users of its Xbox Store to pay with Bitcoin. McDonald’s stores in El Salvador and Lugano, Switzerland, use cryptocurrencies as legal tender.
NBA team the Dallas Mavericks have also adopted Bitcoin as a payment method for club products and game tickets through BitPay.
China’s love-hate relationship with cryptocurrencies
Beijing Crack down on cryptocurrency activity In May 2021, several mining companies were shut down and cryptocurrency trading was suspended. Recently, however, the authorities’ stance appears to have relaxed, despite Trying to crack down on Tether (Tether) in January.
In September, former Chinese Finance Minister Lou Jiwei Urges China to carefully review progress Cryptocurrencies were discussed during a speech at the Tsinghua University PBC Chief Economist Forum held in Beijing on September 28.
Related: China controls 55% of Bitcoin computing power despite ban on cryptocurrencies
A few days ago, the Shanghai Intermediate People’s Court of China Recognize that Bitcoin is a unique and non-replicable digital asset and acknowledged its scarcity and intrinsic value in its September 25 report. On September 1, another Chinese court reached a similar conclusion.
Earlier this year, Hong Kong’s financial regulator the Securities and Futures Commission (SFC) also approved the first spot Bitcoin and Ethereum (Ethereum) ETF on April 24.
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