Key Points
- Nano Labs, a Hangzhou-based integrated circuit design company, now accepts Bitcoin for product payments.
- The company’s decision reflects the growing demand for cryptocurrency transactions in the tech sector.
Nano Labs, a cryptocurrency-mining chip designing company headquartered in Hangzhou, Zhejiang province, recently announced that it would accept Bitcoin (BTC) as a payment method for its products. The payment will be processed through a business account on Coinbase.
Nano Labs Embraces Crypto
This move by Nano Labs comes as a response to the increasing demand for cryptocurrency transactions within the tech industry. The company’s acceptance of Bitcoin payments is indicative of its forward-thinking approach in the rapidly evolving digital economy.
Bitcoin Part of Nano Labs’ Long-Term Vision
While it’s not yet clear whether Nano Labs intends to keep Bitcoin in its balance sheet, the chip designer underlined that accepting the cryptocurrency aligns with its long-term vision. Following this announcement, Nano Labs’ shares experienced a 5.6% increase, hitting $3.40 in pre-market trading, as per Nasdaq data.
Nano Labs was established in 2019 by Kong Jianping and Sun Qifeng and went public in July 2022. The company initially aimed to raise up to $50 million in its U.S. IPO, but only managed to secure $20 million. As a fabless IC design and product solution provider in China, Nano Labs offers products like the Cuckoo 1.0, Cuckoo 2.0, and Darkbird 1.0 chips. Most of its revenue is generated within China.