China, known for its harsh bans on Bitcoin (BTC) and cryptocurrencies, has still not backed down on this issue. However, while it has recently been claimed that China may soften these bans, a critical move came from Chinese mining company Nano Labs.
Chinese cryptocurrency mining chip designer Nano Labs has officially announced that it has started accepting Bitcoin as payment for its products through a business account on Coinbase.
“Chinese company Nano Labs Ltd (Nasdaq: NA) announced today that it has set up a Coinbase account and has begun accepting Bitcoin for product purchases through that account.
In response to the growing demand for cryptocurrency transactions in the technology sector, Nano Labs has taken this step to provide greater payment flexibility to its customers and partners.
As cryptocurrency adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions, the Company’s acceptance of payments in Bitcoin highlights its proactive stance in the evolving digital economy.
“Nano Labs' acceptance of Bitcoin payments aligns with its long-term vision to remain at the forefront of technology advancements and deliver added value to its customers worldwide. With this new capability, the Company is positioned to attract a broader range of partners and customers who value progressive financial options.”
Following the announcement, the company's shares traded on Nasdaq rose 2.81 percent to $3.29.
*This is not investment advice.