Nano Labs, a significant player in the cryptocurrency market, has outlined a strategy to acquire $1 billion worth of
Binance Coin (BNB). Increasing its digital asset holdings, the company has already invested around $50 million in BNB, aiming to accumulate up to 10% of the cryptocurrency. This aggressive adoption of BNB aligns with its strategic shift into the digital realm and away from its struggling hardware business.
Amidst these ambitious corporate movements,
Nano Labs plans to issue $500 million convertible notes to fund the BNB treasury. It is also noteworthy that this significant pivot into the digital domains comes at a time when Nano Labs' revenue has seen a drop of 39%. Despite this setback, the company's intent is clear - fortify its digital asset reserves while simultaneously venturing into Web 3.0 expansion. The significant leap to boost their Bitcoin holdings is projected to have an overwhelming influence on crypto market sentiment.
Pairing with the ongoing shift,
Nano Labs has also announced their plan to apply for license for HKD and Offshore RMB Stablecoin businesses, which signifies its commitment towards the digital currency surge.
However, controversial moves were seen as Ledger phased out support for the Nano S Hardware Wallet, triggering outcry among users concerning security risks.
Meanwhile,
Coinbase is set to launch its US Nano Bitcoin Perpetual-Style Futures in July, providing further fuel to the Bitcoin and other cryptocurrency market.
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