Gulf Energy Development doubles down on crypto

Gulf Energy Development CEO Sarath Ratanavadi is said to be preparing to invest in blockchain and crypto ecosystems and technology, as the energy and utility company seeks to diversify its revenue streams.

The decision comes as Thai regulators are taking a deeper look into the regulatory framework for blockchain and cryptocurrency operations.

This has not cowered Ratanavadi who is said to be worth $12bn and the second richest man in Thailand.

His company currently supplies energy to several regional populous states, including Vietnam, Oman and his native Thailand.

The businessman is interested in investing more heavily in cryptocurrencies and opening his company’s exposure to the sector. The company has already partnered with Binance to help establish a digital asset platform of its own in the country.

Ratanavadi remains broadly optimistic about the future of the sector and has said that “recent issues involve individual cases, with the overall market still being sound and having high potential”.

As to Gulf Energy Development, the company has already announced once this year that it will seek to pursue cryptocurrencies.

The company made a statement this March that it will seek to put money down on various digital currencies that it believes show a strong long-term outlook.

Binance plays a key part in that, with Gulf Energy Development investing an undisclosed amount in the cryptocurrency exchange’s token, BNB.

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Source

Updated: 08/29/2022 — 16:00