Nano Labs, a China-based crypto mining chip designer, has announced that it will accept Bitcoin
Price Trading volume in 24h Last 7d price movement as payment for its goods and services through a business account on Coinbase.
The move is part of the company’s strategy to adapt to the growing demand for digital currency transactions within the technology sector, the firm said in a November 11 press release.
In the announcement, the Hangzhou-based company, listed on the Nasdaq, described the decision as a step toward embracing financial innovation in the evolving digital economy.
EXPLORE: Detroit To Accept Crypto For Taxes And Fees In Bid To Attract Blockchain Firms
Adopting Bitcoin Enables Greater “Payment Flexibility”
Nano Labs emphasized that adopting Bitcoin enables “greater payment flexibility” while catering to businesses seeking secure and efficient cross-border transactions. However, the company has not disclosed whether it plans to hold Bitcoin on its balance sheet.
Following the announcement, Nano Labs’ stock price rose 2.81% to $3.29, a modest increase. Despite the uptick, the shares remain significantly down, dropping over 60% from their October high of $8.33.
The current value is also far below the all-time high of $96.20 reached in July 2022, shortly after its Nasdaq debut.
🚀 Nano Labs is now accepting Bitcoin payments through Coinbase, marking a big step in embracing digital currency.#Crypto #Bitcoinhttps://t.co/iCRlwD2iAM
— Cryptonews.com (@cryptonews) November 11, 2024
Nano Labs joins a growing list of companies accepting cryptocurrency as payment. Tech giant Microsoft accepts Bitcoin in its Xbox store, while McDonald’s has adopted crypto in El Salvador and Lugano, Switzerland.
The Dallas Mavericks NBA team also accepts Bitcoin for merchandise and game tickets via BitPay.
China’s stance on cryptocurrency has seen shifts in recent years. Despite a 2021 crackdown on crypto mining and trading, signs of a softer approach have emerged.
In September, former Chinese finance minister Lou Jiwei urged the country to closely examine advancements in the crypto space. The same month, a Shanghai court recognized Bitcoin as a unique digital asset with inherent value, marking a subtle shift in sentiment.
Meanwhile, Hong Kong has taken steps to regulate and embrace crypto, approving its first spot Bitcoin and Ether ETFs earlier this year. Nano Labs’ adoption of Bitcoin payments reflects a broader trend of integrating cryptocurrency into mainstream business operations.
EXPLORE: 10 Best Decentralized Exchanges for September 2024
Crypto Adoption Reaches Record Levels
According to a report by venture capital giant Andreessen Horowitz, cryptocurrency usage has soared to unprecedented levels and shows no signs of slowing down.
The report estimates that global cryptocurrency owners have hit a new high of 617 million this year. Moreover, 30 to 60 million active users have been engaging with crypto regularly.
In another report, digital asset technology platform Aspen Digital revealed that a growing number of Asia-based private wealth managers are embracing cryptocurrencies, with some predicting that Bitcoin could reach $100,000 by the end of this year.
The report said that digital assets are becoming a popular investment option among Asia’s private wealth sector, with 76% of family offices and high-net-worth individuals (HNWIs) currently invested in cryptocurrencies.
According to the report, most participants identified the potential for higher returns as the primary motivator for investing in cryptocurrencies. Diversification and the appeal of using digital assets as a hedge against inflation also emerged as important factors driving interest.
EXPLORE: Best Crypto Affiliate Programs in 2024
Join The 99Bitcoins News Discord Here For The Latest Market Updates
Comments (No)