Nano Labs, a Hangzhou-based producer of crypto mining chips, will soon accept Bitcoin as payment for its products and services. The Nasdaq-listed company announced this change on November 11, emphasizing its commitment to implementing cutting-edge financial technologies in response to rising demand for digital currency transactions, particularly in the technology industry.
We decided to accept Bitcoin to expand our payment options, especially for businesses seeking secure cross-border payment solutions. Nano Labs holds the belief that as the acceptance of bitcoin increases, especially among technology companies, it is crucial to remain at the forefront of this evolving digital economy.
Following the release, Nano Labs’ stock price increased 2.81% to $3.29 per share. However, this gain does not compensate for the company’s stock’s significant decrease over the last month, which has lost more than 60% from its high of $8.33. Despite this, the company’s stock remains far from its all-time high of $96.20, which it reached after becoming public in 2022.
This shift toward accepting Bitcoin is part of a bigger trend in which more businesses, including major corporations such as Microsoft and McDonald’s, are beginning to accept cryptocurrencies for a variety of products and services. As more businesses use digital currencies, Nano Labs is positioning itself to benefit from this trend, expecting that Bitcoin payments will help speed operations and attract a wider range of clients.
Founded in 2019, Nano Labs is renowned for its high-performance processors utilized in cryptocurrency mining. While it has not stated if it intends to include Bitcoin on its balance sheet, this decision is an important step in its overall aim to interact with the developing digital economy.
