Highlights:
- Nano Labs starts accepting Bitcoin payments via Coinbase in an effort to bolster global transactions in its integrated circuit products.
- The move is part of Nano Labs’ long-term vision to stay at the forefront of technological progress and financial innovation.
- As a Bitcoin accepting firm, Nano Labs stands to attract a broader range of partners valuing progressive financial options in the tech sector.
The Hangzhou, China-based integrated circuit design company Nano Labs has started accepting BTC payments via Coinbase for its valued clients. According to a statement, the company announced that clients and partners can now purchase its products using cryptocurrency, enhancing global transaction capability and embracing financial innovation.
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With this strategic move, clients and partners can enjoy great payment convenience and flexibility. Furthermore, it responds to the increasing demand for digital currency transactions in the technology sector, reflecting significant shifts in global financial practices.
$NA – Nano Labs starts to accept payments in Bitcoin https://t.co/qvICuWCijD
— Seeking Alpha Market News (@MarketCurrents) November 11, 2024
Enhancing Global Transaction Capabilities
Accepting Bitcoin allows Nano Labs to meet the increasing interest in cryptocurrency among the businesses worldwide. Moreover, it offers efficient and secure cross-border transactions, which are crucial in the fast changing tech industry. By integrating cryptocurrency payments, Nano Labs simplifies international transactions that might otherwise face delays, high fees, or regulatory hurdles.
Consequently, Nano Labs positions itself to attract a wider circle of partners who value progressive financial options and innovative payment methods. Moreover, with the growth of digital assets in the evolving digital economy, that acceptance of bitcoin aligns with current trends.
Aligning with Technological Advancements
The decision reflects Nano Labs’ continuous commitment to staying at the forefront of emerging technologies and financial innovation. In addition, it aligns with the company’s is in line with the long-term vision of delivering more added value to clients worldwide using new technologies. Nano Labs shows flexibility to new financial technologies and shifting market demands by embracing Bitcoin payments.
Founded in 2019 by industry veterans Kong Jianping and Sun Qifeng, Nano Labs offers products like Cuckoo 1.0, Cuckoo 2.0, and Darkbird 1.0 chips. These products cater to the needs of the cryptocurrency mining industry, highlighting the company’s deep involvement in blockchain technology.
Significantly, most of its revenue comes from China, according to PitchBook data, indicating a strong domestic market presence. The company went public in July 2022, initially aiming to raise up to $50 million but securing $20 million in its U.S. IPO. Despite not reaching the initial target, going public marked a significant milestone for the company’s growth journey.
According to Nasdaq data, after the announcement that Nano Labs started accepting Bitcoin payments, the company’s shares rose 5%, reaching $3.40 in pre-market trading. This increase indicates a positive investor response to the company’s strategic move and confidence in its future prospects.
Growing Crypto Payment Demand in Global Markets
Early November saw Sheetz beginning to accept Bitcoin payments at more than 750 of its locations. Partnering with Flexa, the convenience chain now lets consumers pay using Bitcoin, Ether, and stablecoins like USDC. This move aims to meet the rising need for options in digital payments.
🚨RECENTLY: Sheetz (a major convenience store and gas station chain in the U.S.) announced it has expanded its partnership with Flexa to accept Bitcoin, Ether, and stablecoins at over 750 locations across the U.S., enhancing customer payment options! pic.twitter.com/6WljH7t5Xl
— CryptOpus (@ImCryptOpus) November 2, 2024
Using Flexa, Sheetz provides a limited-time $20 discount on one purchase to help promote the new system. The organization emphasizes on offering quick and safe transactions right at the checkout. Through embracing cryptocurrency, Sheetz shows its dedication to client convenience and creativity.
Meanwhile, Ferrari stated in July that it would provide European dealers with more options for bitcoin payments. To protect dealers from price fluctuations, the luxury automobile partnered with BitPay to accept Bitcoin, Ether, and USDC, transforming payments into conventional cash immediately. By the end of 2024, Ferrari intends to have this option available to other foreign dealers where cryptocurrencies are legally accepted.
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