As a seasoned analyst with extensive experience in the tech and crypto sectors, I find Nano Labs’ move to accept Bitcoin payments as a strategic step to tap into the growing demand for cryptocurrency transactions within their industry. However, considering their history of market value fluctuations and potential delisting, one might question their timing.
The American-traded Chinese microchip firm, Nano Labs, has made public its decision to accept Bitcoin as a form of payment.
The move is a response to the growing demand for cryptocurrency transactions in the tech sector.
Nano Labs is confident that its innovative new payment method will draw in additional business collaborations and clientele.
According to U.Today’s report, the mining chip company submitted its application for an initial public offering in the year 2022. At that time, its aim was to establish itself as a burgeoning metaverse company, with the intention of attracting investors’ interest.
This year, Nano Labs almost got removed from trading due to not meeting the minimum market value of publicly held shares (MVPHS) requirement. For 30 consecutive days, the worth of its shares fell below $15 million. However, by maintaining its share value above that limit for 10 days, the company managed to restore compliance in October.
To highlight, the business was established by Kong Jianping, a previous co-chairman at Canaan, who is renowned for their significant role in manufacturing Bitcoin mining equipment, one of the largest companies globally in this sector.
Previously, it was disclosed that Kong boosted his ownership stake in Nano Labs due to his positive outlook on the firm’s future performance.
As a crypto investor, I’ve always admired this company for being at the cutting edge of technological innovations. Yet, it was quite unexpected that they didn’t implement Bitcoin payments earlier, considering how long it’s been around.
Bitcoin hasn’t gained traction as a means of payment because it struggles with scalability issues. Recently, the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, expressed doubts about Bitcoin being widely accepted as a form of currency.
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2024-11-12 18:28