30s Summary

Chinese chip designer Nano Labs has started accepting Bitcoin as payment, leading to a 2.81% increase in its share price. The move is aimed at keeping up with evolving fintech trends and meeting growing customer demand for digital currency transactions. The decision also aligns with the increasing popularity of cryptocurrencies, especially for securing international transactions. Bitcoin’s acceptance as a payment option in multiple sectors, from tech companies to fast food chains, is becoming more prominent. Despite China’s tense history with crypto, recent developments suggest a gradual shift in stance.

Full Article

Nano Labs, a Chinese company that designs chips for crypto mining, saw its stock price bump up a bit after it announced that it’ll accept Bitcoin for payment. This news was given on a business account on Coinbase.

This decision is part of the company’s pursuit to stay trendy in the financial tech world. They’re also looking to meet growing customer demand for digital currency transactions in the tech sector.

Nano Labs made it clear that they’re hopping onboard the digital economy as crypto becomes more popular. This is especially true for businesses that want to secure their international transactions.

Nano Labs hope that by nodding to Bitcoin, they’ll provide more flexibility when it comes to payments. They haven’t shared if they’re planning to keep the cryptocurrency on its balance sheet yet.

After this news broke, Nano Labs’ share price increased by 2.81% to $3.29. Still, the company’s share price has dropped more than 60% from its high point over the past month. It’s also way below its record value of $96.20, which it reached in July 2022, shortly after listing on the Nasdaq.

More and more companies are opening up to crypto payments. Just take a look at Microsoft, which lets Xbox users make purchases with Bitcoin. McDonald’s also accepts cryptocurrency in its branches in El Salvador and Lugano, Switzerland. The Dallas Mavericks NBA franchise even made it an option to buy game tickets and club merchandise.

However, China has a tricky relationship with crypto. They closed down many crypto activities in May 2021, including mining businesses and crypto trading. But it seems that they’re easing up a little lately, even though they tried to restrict Tether in January.

In September, Lou Jiwei, former Chinese finance minister, encouraged China to keep a close check on the advancements in crypto during a speech at a forum in Beijing.

Just a few days earlier than that, a Shanghai court acknowledged Bitcoin as a unique and non-reproducible digital asset and highlighted its scarcity and inherent value. Another Chinese court came to the same conclusion. Also, Hong Kong’s financial regulator approved the first-ever Bitcoin and Ether ETFs at the end of April.