Nano Labs, a fabless integrated circuit design company based in Hangzhou, has started taking Bitcoin payments for its goods using a Coinbase business account.Â
In a news statement on November 11, Nano Labs, a cryptocurrency-mining chip designer situated in Hangzhou, Zhejiang province, said that it has begun to accept Bitcoin as payment for its goods via a Coinbase business account.
According to the corporation, this choice is a reflection of the technology sector’s increasing need for crypto operations. Nano Labs:
As cryptocurrency adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions, the company’s acceptance for payments in Bitcoin highlights its proactive stance in the evolving digital economy.”
The chip designer stressed that taking Bitcoin “aligns with its long-term vision,” even if it is yet unknown if Nano Labs intends to keep the cryptocurrency on its balance sheet.
According to Nasdaq data, Nano Labs’ shares increased 5.6% in pre-market trading to $3.40 shortly after the news broke.
Kong Jianping and Sun Qifeng founded Nano Labs in 2019, and the company went public in July 2022.
The company only raised $20 million in its U.S. IPO, compared to its initial goal of raising up to $50 million.
Offering devices such as the Cuckoo 1.0, Cuckoo 2.0, and Darkbird 1.0 chips, Nano Labs is a Chinese company that specializes in fabless IC design and product solutions. PitchBook data indicates that China accounts for the majority of its revenue.
