Key Takeaways:
- Nano Labs announced it would start accepting Bitcoin payments through a Coinbase business account, signaling a commitment to fintech innovation.
- The company’s shares rose 2.81% following the announcement, though they remain significantly down from previous highs.
- More companies worldwide are adopting crypto payments, with notable examples including Microsoft, McDonald’s, and the Dallas Mavericks.
China-based crypto mining chipmaker Nano Labs announced it will begin accepting Bitcoin as a payment option through a Coinbase business account, sparking a modest 2.81% increase in its Nasdaq-listed shares.
The Hangzhou-based company framed this decision as a move towards “embracing the latest in financial technology,” citing a growing demand for digital transactions within the tech sector.
JUST IN: 🇨🇳 Nasdaq listed Chinese microchip company Nano Labs now accepts #Bitcoin as payment.
— Bitcoin Magazine (@BitcoinMagazine) November 12, 2024
China is getting prepared 🙌 pic.twitter.com/Ku25iNS8Fg
Nano Labs highlighted Bitcoin’s benefits for cross-border transactions, though it did not clarify if it would hold Bitcoin on its balance sheet.
Despite this increase, its share price remains down over 60% from a peak of $8.33 in the past month and well below its July 2022 high of $96.20.
Nano Labs’ decision aligns with a broader trend of global companies accepting cryptocurrency payments, with Microsoft’s Xbox store, McDonald’s in specific locations, and the Dallas Mavericks all embracing Bitcoin options.
This move reflects a wider shift toward crypto adoption in the global digital economy.
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