Chinese Microchip Company Starts Accepting Bitcoin Payments

Nasdaq-listed Chinese microchip company Nano Labs has announced that it now accepts Bitcoin payments. 

The move is a response to the growing demand for cryptocurrency transactions in the tech sector. 

Nano Labs believes that it will be able to attract more partners and customers with its new payment option. 

As reported by U.Today, the mining chip company filed for an initial public offering in 2022. Back then, it was trying to position itself as an emerging metaverse firm in order to pique investor attention.

Earlier this year, Nano Labs faced a potential delisting after failing to comply with the minimum market value of publicly held shares (“MVPHS”) requirement. The value of its shares dropped below the $15 million mark for 30 consecutive days. After successfully keeping its shares above the aforementioned level for 10 days, the company managed to regain compliance in October.

Notably, the company was cofounded by former Canaan co-chairman Kong Jianping. Of course, Canaan is known as one of the biggest manufacturers of Bitcoin miners in the world. 

Last month, the company announced that Kong had increased his shareholding in Nano Labs because he was optimistic about the company's prospects.

The company claims that it aspires to remain "at the forefront" of tech advancements. However, the fact that it took it so long to enable Bitcoin payments might come as a surprise.

Bitcoin has failed to take off as a payment method due to its lack of scalability. Last month, SEC Chair Gary Gensler said that Bitcoin was unlikely to be adopted as a currency.