Thailand’s Gulf Energy to Invest in Cryptocurrencies and Blockchain Projects

After collaborating with the world’s largest crypto exchange – Binance – Sarath Ratanavadi’s electric power generation company has announced plans to invest directly in digital assets. To do so, the firm has established a designated subsidiary.

• The company filed documents to the Stock Exchange of Thailand informing that it had set up Gulf International Investment Limited to serve as its subsidiary.
• The starting registered capital will be $100,000, and Gulf Energy will hold a 100% equity stake. The newly-established subsidiary will utilize the funds to invest in “digital infrastructure, digital assets, blockchain technology business, and other related services.”
• These also include direct investments in funds that have portions of their portfolios in cryptocurrencies and blockchain-based projects in foreign countries.
• This will be Gulf Energy’s second cryptocurrency endeavor since the start of the year.
• As CryptoPotato reported back in January, the firm collaborated with Binance to set up a digital asset exchange in the Southeast Asian state.
• However, the Asian country changed its approach towards the crypto industry earlier this week by banning the usage of such assets for payments. Nevertheless, investing in cryptocurrencies has not been prohibited.