Shares in China-based crypto mining chip designer Nano Labs rose barely after introduced it’s now accepting Bitcoin as cost for its items and companies via a enterprise account on Coinbase.
In a Nov. 11 statement, the Huangzhou-based crypto mining chip maker, which is listed on the Nasdaq, mentioned the transfer was a part of a “dedication to embracing the newest in monetary know-how” as demand will increase for “digital foreign money transactions within the know-how sector.”
Nano Labs mentioned it was taking a “proactive stance within the evolving digital economic system” as crypto “adoption continues to develop, notably amongst companies looking for environment friendly and safe cross-border transactions.”
Based on Nano Labs, adopting Bitcoin (BTC) will present “higher cost flexibility,” however it didn’t provide any particulars about whether or not it intends to maintain the cryptocurrency on its stability sheet.
Following the announcement, shares within the Nasdaq-listed company rose 2.81% to $3.29.
Nano Labs’ share value noticed a slight uptick after an announcement about accepting Bitcoin as a cost choice. Supply: Nasdaq
Nevertheless, it hasn’t been sufficient to offset a share droop over the past month,which fell over 60% from a excessive of $8.33. It’s additionally nowhere close to the all-time excessive of $96.20 set in July 2022, quickly after the company was listed on the Nasdaq.
A rising variety of firms are now accepting crypto as payment for a few of their companies.
Microsoft permits customers of its Xbox retailer to pay in Bitcoin. McDonald’s adopted crypto as authorized tender in its places in El Salvador and Lugano, Switzerland.
The NBA franchise Dallas Mavericks additionally adopted Bitcoin as a cost choice for membership merchandise and recreation tickets via BitPay.
China’s love-hate relationship with crypto
Beijing cracked down on crypto activities in Might 2021, shutting down a number of mining companies and suspending crypto buying and selling. Nevertheless, authorities’ stance seems to have relaxed in current occasions, regardless of an attempt to crack down on Tether in January.
In September, former Chinese finance minister Lou Jiwei urged China to closely examine advancements in crypto throughout a speech on the Sept. 28 Tsinghua Wudaokou Chief Economists Discussion board in Beijing.
Associated: China still controls 55% of Bitcoin hashrate despite crypto ban
A couple of days earlier, a Shanghai Intermediate Individuals’s Court docket in China recognized Bitcoin as a unique and non-replicable digital asset and acknowledged its shortage and inherent worth in a Sept. 25. report. One other Chinese courtroom got here to an identical conclusion on Sept. 1.
Earlier this 12 months, Hong Kong’s monetary regulator, the Securities and Futures Fee (SFC), additionally permitted the primary spot Bitcoin and Ether (ETH) ETFs on April 24.
Journal: Real life yield farming: How tokenization is transforming lives in Africa
Cointelegraph by Stephen Katte Chinese microchip company says it’s now accepting Bitcoin as cost cointelegraph.com 2024-11-12 01:30:04
Source link
