China’s Nano Labs embraces Bitcoin as payment option

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

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

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

Nano Laboratories

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

While it remains unclear whether Nano Labs plans to keep Bitcoin on its balance sheet, the chip designer emphasized that accepting the cryptocurrency “is consistent with its long-term vision.” Shortly after the news broke, shares of Nano Labs rose 5.6% to $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 raised only $20 million. Nano Labs operates as a seamless integrated circuit design and product solution provider in China, offering products such as Cuckoo 1.0, Cuckoo 2.0 and Darkbird 1.0 chips. Most of its revenue comes from China, according to PitchBook data.