Nano Labs, a Chinese crypto mining chip designer, has started accepting Bitcoin payments for its products through its Coinbase business account. The company made this decision in response to the growing demand for digital currency options in the tech industry. This move is aimed at benefiting clients and partners by providing more flexible payment options, as businesses worldwide are adopting cryptocurrencies for secure and streamlined cross-border transactions.
By accepting Bitcoin payments, Nano Labs hopes to attract a broader audience of tech-savvy clients who prefer digital payment systems. Founded in 2019, Nano Labs specializes in fabless IC design and focuses on developing high-throughput computing (HTC) chips, high-performance computing (HPC) chips, smart network interface cards (NICs), and other advanced computing solutions.
In July 2022, the company raised $50 million to go public in the US, but its stock has performed poorly since the IPO, falling by 95%. Despite China’s strict regulatory system that prohibits institutions from engaging in crypto transactions and mining activities, the country remains a significant player in the global crypto landscape, controlling over half of the Bitcoin network’s hashrate.
Recent calls for a policy reassessment from figures like former Deputy Finance Minister Zhu Guangyao suggest that China may shift its approach to digital currencies to align with global trends favoring wider crypto adoption.
