China Company Nanolab Begun Accepting Bitcoin, Possibly Shift Country Policy

China-based chip designer Nano Labs has begun accepting Bitcoin for its products through Coinbase, responding to the rising demand for digital currency options in the tech industry. 

This change, announced on November 11, aims to offer clients and partners more flexibility, particularly as companies worldwide adopt crypto for secure and streamlined international transactions.

Nano Labs, established in 2019, specializes in fabless IC design and develops advanced computing technologies, including high-throughput and high-performance computing chips, as well as smart network interface cards (NICs). 

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With the shift to Bitcoin payments, the company hopes to attract tech-savvy clients who favor modern digital payment systems.

Nano Labs went public in the U.S. in 2022, raising $50 million, though its stock has since dropped nearly 95%. 

Earlier in 2023, Nasdaq alerted the company about not meeting the minimum market value requirement, which it later fulfilled by mid-October. 

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Adopting Bitcoin payments could help support Nano Labs’ stock recovery, similar to how other small-cap companies have seen gains from adopting Bitcoin.

Although China has strict crypto regulations, Nano Labs’ move could signal a possible shift in the country’s crypto stance. China, controlling over half of Bitcoin’s global network hashrate, remains highly influential in the crypto space. 

Calls from officials like former Deputy Finance Minister Zhu Guangyao suggest China may reconsider its crypto policies to align with broader global trends.