Sarath Ratanavadi – CEO of Gulf Energy Development – reportedly stated that his company will invest in blockchain ecosystems to diversify some of its profits. The decision comes despite the broad market collapse and the strict stance that local watchdogs have taken towards the sector.
Ratanavadi is known as the second-richest person in Thailand. According to the Bloomberg Billionaires Index, his fortune nears $12 billion, while his corporation supplies energy to Thailand, Vietnam, and Oman.
Eyeing Crypto Amid the Market Disorder
Recent coverage by Bloomberg revealed that the Thai billionaire Ratanavadi intends to increase his company’s crypto exposure. Specifically, he is willing to diversify some of the entity’s earning sources by investing them in blockchain products.
Additionally, the CEO said Gulf Energy Development partnered with Binance and sought licenses to establish a digital asset platform in Thailand. Ratanavadi predicted cryptocurrencies will play a vital role in the company’s future activities, raising hopes that this will turn it into the nation’s market leader.
“Recent issues involve individual cases, with the overall market still being sound and having high potential,” he added.
Ratanavadi’s intention to dive deeper into crypto comes at a time of a broad market downturn and macroeconomic hurdles. Bitcoin, for one, currently trades at around $21,500 (a 68% decline from the all-time high level in November 2021).
It is worth noting that Thailand had almost 700,000 active crypto-related trading accounts in December, while now they decreased to approximately 260,000.
The stance of domestic regulators toward the digital asset industry could be part of the reasons why. Earlier this year, local authorities banned the usage of cryptocurrencies as a payment method, claiming it could harm the country’s monetary system.
Gulf Energy’s Previous Crypto Steps
The electric power generation company announced its plans to invest directly in digital currencies in March this year. To accomplish that goal, it formed a designated subsidiary called Gulf International Investment Limited.
A month later, the firm invested in Binance’s US affiliate. It also allocated an undisclosed amount of funds to the exchange’s native token – BNB. Gulf Energy raised hopes that the collaboration with the platform will expand the scope of its operations and ease its future cryptocurrency endeavors:
“The company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future.”
Featured Image Courtesy of ThaiNews
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.