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Thai energy tycoon to double his crypto investment

by Chief editor

Sarath Ratanawadi, CEO of Gulf Energy Development, said his company would invest in blockchain ecosystems to diversify some of its profits, despite the market crash and the strict stance that local regulators have taken on the crypto sector.

Ratanawadi is known as the second richest man in Thailand. According to the Bloomberg Billionaires Index, he has a fortune of almost $12 billion and the corporation he runs supplies energy to Thailand, Vietnam and Oman.

In addition, Sarath Ratanawadi announced that Gulf Energy Development is partnering with Binance and plans to license a digital asset platform in Thailand. Ratanawadi is confident that cryptocurrencies will play a vital role in the company’s future operations, and he also expressed hope that this will turn it into a national market leader.

“The problems are related to individual cases and overall the market is still healthy and has a lot of potential,” he added.

Earlier this year, local authorities banned the use of cryptocurrencies as a means of payment on the pretext that it could damage the country’s monetary system.

Gulf Energy Development announced its plans to invest in digital currencies in March this year. A subsidiary firm called Gulf International Investment Limited was set up for this purpose.

A month later, the company invested in the US subsidiary Binance. It also committed an undisclosed amount of funds to the exchange’s token, BNB. Gulf Energy said it hopes the partnership with the platform will expand its reach and facilitate the implementation of its future cryptocurrency initiatives:

“The company believes that this multi-layered collaboration with Binance, which is a global leader in blockchain infrastructure technology, is consistent with the company’s goal of becoming a leader in digital infrastructure, while providing further opportunities for the company to expand into other digital asset initiatives in the future.”

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