Hangzhou-based integrated circuit (IC) design firm, Nano Labs, announced on November 11 that it will accept Bitcoin as payment via its Coinbase business account. Known for its cutting-edge crypto-mining chips, Nano Labs aims to increase payment flexibility and streamline transactions by offering cryptocurrency options to clients, reducing delays and fees typical of traditional banking.
Bitcoin Acceptance Reflects Nano Labs’ Vision
Nano Labs, established in 2019 by founders Kong Jianping and Sun Qifeng, has quickly become a player in the tech sector, particularly in China’s cryptocurrency mining industry. With this recent Bitcoin payment adoption, the company demonstrates a proactive embrace of the digital economy, aiming to cater to the rising demand for seamless cross-border crypto transactions. In the official announcement, Nano Labs highlighted this move as a step to attract clients and partners who favor innovative financial solutions.
Positive Market Response
Nano Labs’ announcement boosted its stock price, with a 5.6% increase to $3.40 in pre-market trading, as reported by Nasdaq. This market response underscores investor confidence in the company’s forward-thinking approach.
Since its U.S. IPO in July 2022, which raised $20 million, Nano Labs has expanded its influence with products like the Cuckoo 1.0 and Darkbird 1.0 IC designs, focusing on China as its primary revenue base. While the company has yet to announce whether it will hold Bitcoin in its reserves, this payment move suggests an emerging interest in digital assets.
Broader Crypto Integration: Louisiana’s First Crypto Payment
Nano Labs isn’t alone in exploring cryptocurrency payments. In a landmark move, Louisiana processed its first state service payment via Bitcoin and the Bitcoin Lightning Network on September 19, allowing residents to pay fees using Bitcoin or USD Coin (USDC). This pioneering transaction—a $50 payment to the Department of Wildlife and Fisheries—demonstrates the growing acceptance of crypto payments in various sectors.
Bitcoin Hits New Highs Amid Market Momentum
Following the U.S. presidential election and Donald Trump’s victory on November 5, Bitcoin’s value surged, reaching a record high of $85,000. Within a week, Bitcoin rallied nearly $20,000, peaking at $84,989 on November 6 and stabilizing at $84,255. Meanwhile, the broader crypto market index saw a 29% jump post-election, indicating solid market enthusiasm.
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