China’s Nano Labs embraces Bitcoin as payment option

Hangzhou-based fabless integrated circuit design company Nano Labs has begun accepting Bitcoin as payment for its products via a business account on Coinbase.

Nano Labs, a cryptocurrency-mining chip designer based in Hangzhou, Zhejiang province, said in a press release on Nov. 11 that it has started accepting Bitcoin (BTC) as a payment method for its products through a business account on Coinbase. The company stated that this decision reflects the growing demand for crypto operations within the technology sector.

“As cryptocurrency adoption continues to grow, particularly among businesses seeking efficient and secure cross-border transactions, the company’s acceptance for payments in Bitcoin highlights its proactive stance in the evolving digital economy.”

Nano Labs

Nano Labs focuses on Bitcoin as part of ‘long-term vision’

While it remains unclear whether Nano Labs plans to hold Bitcoin on its balance sheet, the chip designer emphasized that accepting the cryptocurrency “aligns with its long-term vision.” Shortly after the news broke, Nano Labs’ shares rose 5.6%, reaching $3.40 in pre-market trading, according to Nasdaq data.

Founded in 2019 by Kong Jianping and Sun Qifeng, Nano Labs went public in July 2022. The firm initially aimed to raise up to $50 million in its U.S. IPO but secured only $20 million. Nano Labs operates as a fabless IC design and product solution provider in China, offering products like the Cuckoo 1.0, Cuckoo 2.0, and Darkbird 1.0 chips. The majority of its revenue comes from China, according to PitchBook data.