Sarath Ratanavadi, CEO of Gulf Energy Development, reportedly said that his company will invest in the blockchain ecosystem to diversify some of its profits. The decision came despite a general market meltdown and a strict stance by local regulators on the industry.
Ratanavadi is known as the second richest person in Thailand. His fortune is close to $12 billion, according to the Bloomberg Billionaires Index, while his company supplies energy to Thailand, Vietnam and Oman.
Keep an eye on cryptocurrencies amid market chaos
recent coverage Bloomberg has revealed that Thai billionaire Rattanawadi intends to increase his company’s cryptocurrency exposure. Specifically, he is willing to diversify some of the entity’s revenue streams by investing in blockchain products.
Additionally, the CEO stated that Gulf Energy Development has partnered with Binance and is seeking a license to build a digital asset platform in Thailand. Ratanavadi predicts that cryptocurrencies will play a vital role in the company’s future activities, raising hopes of turning it into a national market leader.
“Recent issues have involved individual cases, and the overall market remains solid and has great potential,” he added.
Ratanavadi’s intent to delve into cryptocurrencies comes amid a general market downturn and macroeconomic hurdles. On the one hand, Bitcoin is currently trading around $21,500 (down 68% from its November 2021 all-time high).
Notably, Thailand had nearly 700,000 active crypto-related trading accounts in December, and now they are down to around 260,000.
The stance of domestic regulators on the digital asset industry may be partly to blame. Earlier this year, local authorities banned the use of cryptocurrencies as a payment method, claiming it could harm the country’s monetary system.
Gulf Energy’s previous encryption steps
The power generation company announced plans to invest directly in the digital currency in March of this year. To achieve this, it established a designated subsidiary called Gulf International Investments Limited.
A month later, the company invested in the U.S. subsidiary of Binance. It also allocated an undisclosed amount to the exchange’s native token, BNB. Gulf Energy hopes that the partnership with the platform will expand its operations and simplify its future cryptocurrency endeavors:
“The company believes that the multi-level collaboration with Binance, the global blockchain infrastructure technology leader, aligns with the company’s goal of becoming a digital infrastructure leader, while providing further opportunities for the company to expand into other digital assets – future relevance action.”
Featured Image Courtesy of ThaiNews
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