Chinese integrated circuit design company Nano Labs has taken a bold step into the cryptocurrency space by announcing its acceptance of Bitcoin payments through oinbase">Coinbase. The November 11 announcement represents a strategic move to enhance payment flexibility and reduce traditional banking friction for its clients. The company, known for its cryptocurrency-mining chips including the Cuckoo 1.0 and Darkbird 1.0, sees this integration as a response to growing demand for digital currency options in the tech sector.
The move appears to be paying off already, with Nano Labs experiencing a 5.6% increase in its stock price, reaching $3.40 in pre-market trading. Founded in 2019 by Kong Jianping and Sun Qifeng, the company has shown remarkable growth, successfully raising $20 million in its U.S. IPO in July 2022. While primarily serving the Chinese market, this cryptocurrency integration signals the company’s ambition to expand its global reach and embrace progressive financial solutions.
This development comes at a time of increasing cryptocurrency adoption in various sectors. The timing is particularly noteworthy as it coincides with broader institutional acceptance of digital currencies, exemplified by Louisiana’s recent milestone of processing its first state service payment in cryptocurrency. While Nano Labs hasn’t disclosed plans to hold Bitcoin in its reserves, the move represents a significant step forward in the integration of cryptocurrency into mainstream business operations, particularly within China’s tech sector.
