Nano Labs, a Chinese-based designer of crypto mining chips, saw its shares rise slightly following the announcement that it will now accept Bitcoin for payment through Coinbase as remuneration for goods and services.
In a Nov. 11 statementHuangzhou-based crypto mining Chip maker listed on Nasdaq announced the decision as part of an overall strategy to reduce costs. “commitment to embracing the latest in financial technology” Demand for “digital currency transactions in the technology sector.”
Nano Labs has announced it is taking an a “proactive stance in the evolving digital economy” Cryptography “adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions.”
Nano Labs believes that adopting Bitcoin as a currency (BTCThe ‘will provide’ “greater payment flexibility,” But it did not provide any information about its intention to retain the cryptocurrency in its balance sheet.
Shares in the Nasdaq-listed company It rose 2.8% to $3.29.
Nano Labs saw its share price rise slightly after it announced accepting Bitcoins for payment. Source: Nasdaq
It hasn’t, however, been enough to counter a recent share price decline, which fell by over 60% since a peak of $8.33. This is nowhere near its all-time record high, which was set at $96.20 in July 20, 2022 shortly after the Nasdaq listing.
The number of firms is growing. now accepting crypto as payment Some of the services they offer are:
Microsoft now accepts Bitcoin as payment for its Xbox Store. McDonald’s has adopted cryptocurrency as legal tender at its El Salvador location and Lugano in Switzerland.
BitPay has also been adopted by the NBA team Dallas Mavericks as an option to pay for tickets and club merchandise.
China’s relationship with cryptocurrency is a love-hate one
Beijing cracked down on crypto activities The government plans to shut down mining operations and ban crypto trading in May of 2021. In recent months, the authorities appear to have given up their hardline stance, in spite of an attempt to crack down on Tether The month of January is a time for reflection.
Lou Jiwei was the Chinese Finance Minister in September. urged China to closely examine advancements In crypto, during his speech to the Tsinghua Wadaokou Forum of Chief Economists on Sept. 28, Beijing.
Related: China still controls 55% of Bitcoin hashrate despite crypto ban
Just a few days ago, an Intermediate People’s Court of Shanghai in China recognized Bitcoin as a unique and non-replicable digital asset The report on Sept. 25 acknowledged the scarcity of this material and its inherent value. A Chinese court also reached the same conclusion on September 1.
Hong Kong’s Securities and Futures Commission approved Bitcoin and Ether for the first time in the year.ETHETFs for April 24, 2019.
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Source: cointelegraph.com
