10 months ago
Huangzhou-based crypto mining spot shaper Nano Labs saw its stock terms emergence somewhat aft announcing it volition commencement accepting Bitcoin arsenic payment.
Shares successful China-based crypto mining spot decorator Nano Labs roseate somewhat aft announced it is present accepting Bitcoin arsenic outgo for its goods and services done a concern relationship connected Coinbase.
In a Nov. 11 statement, the Huangzhou-based crypto mining spot maker, which is listed connected the Nasdaq, said the determination was portion of a “commitment to embracing the latest successful fiscal technology” arsenic request increases for “digital currency transactions successful the exertion sector.”
Nano Labs said it was taking a “proactive stance successful the evolving integer economy” arsenic crypto “adoption continues to grow, peculiarly among businesses seeking businesslike and unafraid cross-border transactions.”
According to Nano Labs, adopting Bitcoin (BTC) volition supply “greater outgo flexibility,” but it didn’t connection immoderate details astir whether it intends to support the cryptocurrency connected its equilibrium sheet.
Following the announcement, shares successful the Nasdaq-listed company roseate 2.81% to $3.29.
Nano Labs’ stock terms saw a flimsy uptick aft an announcement astir accepting Bitcoin arsenic a outgo option. Source: Nasdaq
However, it hasn’t been capable to offset a stock slump implicit the past month,which fell implicit 60% from a precocious of $8.33. It’s besides obscurity adjacent the all-time precocious of $96.20 acceptable successful July 2022, soon aft the institution was listed connected the Nasdaq.
A increasing fig of companies are now accepting crypto arsenic payment for immoderate of their services.
Microsoft allows users of its Xbox store to wage successful Bitcoin. McDonald’s adopted crypto arsenic ineligible tender successful its locations successful El Salvador and Lugano, Switzerland.
The NBA franchise Dallas Mavericks besides adopted Bitcoin arsenic a outgo enactment for nine products and crippled tickets done BitPay.
China’s love-hate narration with crypto
Beijing cracked down connected crypto activities successful May 2021, shutting down aggregate mining firms and suspending crypto trading. However, authorities’ stance appears to person relaxed successful caller times, contempt an attempt to ace down connected Tether successful January.
In September, erstwhile Chinese concern curate Lou Jiwei urged China to intimately analyse advancements successful crypto during a code astatine the Sept. 28 Tsinghua Wudaokou Chief Economists Forum successful Beijing.
Related: China inactive controls 55% of Bitcoin hashrate contempt crypto ban
A fewer days earlier, a Shanghai Intermediate People’s Court successful China recognized Bitcoin arsenic a unsocial and non-replicable integer asset and acknowledged its scarcity and inherent worth successful a Sept. 25. report. Another Chinese tribunal came to a akin decision connected Sept. 1.
Earlier this year, Hong Kong’s fiscal regulator, the Securities and Futures Commission (SFC), besides approved the archetypal spot Bitcoin and Ether (ETH) ETFs connected April 24.
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