Thailand’s Gulf Energy To Form Crypto Joint Venture With Binance In Q 2

Thai leading energy producer, Gulf Energy Development Company, hopes to complete a crypto Joint Venture (JV) with the world’s famous cryptocurrency exchange Binance in the Q 2 of 2022, a senior executive said in an interview with Reuters.

Financial Chief Officer at Gulf Energy, Yupapin Wangviwat, affirmed;

“Once we conclude talks with Binance on the business model and shareholder agreements, a joint venture will be formed, which will apply for the license with regulators.”

Related Reading | Thailand’s Gulf Energy to seal crypto JV with Binance in Q2

Moreover, she said that the company expects the joint venture to obtain a license for trading within six months, and after that, other features would come into work.

Thailand, home to a vast community of Bitcoin miners and one-fourth of blockchain developers, has introduced new regulations for cryptocurrency traders. The rapid growth in crypto trading within Thailand’s economy recorded $7.5 Billion last November prompted a response from government authorities looking at how best they can regulate this emerging market while also protecting investors.

In the previous year’s crackdowns by regulators, the Thai financial watchdog filed a complaint against Binance for operating without a license. Similarly, Gulf-Binance cryptocurrency exchange will have to comply with regulation rules, told Yupapin.

Gulf Energy’s aim for the joint venture

With the move into crypto, Sarath Ratanavadi is looking to expand his company’s reach by investing in digital infrastructure. Last year, he increased his ownership of InTouch Holdings Pcl from 30% up past 42%.

InTouch works as the biggest mobile operator in the country, automatic identification system (AIS). On Thursday, Gulf Energy established a JV with AIS and Singapore Telecommunic-actions to construct knowledge centers.

Related Reading | Singapore Regulator Says Binance Unlicensed, Alerts Investors

Yupapin further revealed that the initial plan includes the development of data centers of 20-40 megawatts in Thailand. The estimated cost of the project is above $400 million. Further, she added, “In the longer term, we plan to reach 100 MW.”

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Gulf Energy was initiated in 1990 and started to mark multiple achievements, including the power contracts of 5.3 gigawatts it handled efficiently in 2013.

Similarly, in 2017, the firm offered the biggest IPOs in Thailand. And it put the owner in the Forbes list of richest men in Thailand, which currently ranks Sarath as the fifth richest man of the state with a net worth of $12.4 billion.

To outperform in the field, Gulf expanded its infrastructure in the past and snapped up massive projects in recent years, including a $927 million container terminal project and a $1.3 billion LNG contract.

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