Binance, the world’s largest cryptocurrency exchange, has formed a joint venture with billionaire Sarath Ratanavadi’s Gulf Energy Development. Here's what the partnership aims to do:
’s Gulf Energy Development and will apply for a license to operate a digital asset exchange platform in Thailand.
The partnership, which was first announced in January, comes amid growing demand for cryptocurrencies and other digital assets in the Southeast Asian country. On top of the joint venture in Thailand, Gulf Energy said it has separately agreed to invest in BNB , a cryptocurrency issued by the exchange that allows users to access utilities across its blockchain, as well as an investment in the preferred stock of Binance’s U.S. affiliate which operates under the name Binance.US.
“The company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future,” Gulf Energy said Monday in aGulf Energy, one of Thailand’s biggest power producers, has been diversifying its portfolio with investments into renewable...
to develop a data center business in Thailand. It came months after Gulf Energy acquired more shares of Intouch Holdings, which owns Thailand’s largest mobile phone operator., who goes by CZ, and fellow cofounder He Yi, is expanding in Thailand as regulators have been stepping up scrutiny of the nascent industry.
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