Chinese fabless integrated circuit design company Nano Labs has announced that it has opened a Coinbase account and begun accepting Bitcoin payments for its products.

Its decision to expand its global transaction options coincides with Bitcoin reaching an all-time high of $90,000.

Nano Labs Turn to Bitcoin

In its official press release, Nano Labs stated that it is responding to the growing demand for digital currency transactions in the technology sector by accepting Bitcoin payments. As cryptocurrency adoption increases, particularly among businesses looking for efficient and secure methods for cross-border transactions, the company said its move reflects its intention to adapt to these changes.

It is important to note that Nano Labs’ decision to accept Bitcoin as a payment method comes at a time when the company has been navigating financial challenges, including a significant decline in its stock performance. After raising $50 million to go public in 2022, Nano Labs has had a rough ride on the stock market, with its share price dropping significantly from its all-time high of more than $96.

Shortly thereafter, it received a Deficiency Letter from Nasdaq, stating that it currently does not meet the minimum Market Value of Publicly Held Shares (MVPHS) requirement of $15 million. The notice was issued on July 11. However, Nano Labs managed to turn things around, meeting Nasdaq’s criteria by October.

In an effort to boost its position, the company has now decided to accept Bitcoin payments, hoping to tap into the growing digital currency trend.

The Hua