Thailand’s Gulf Energy company invested in Binance US and BNB coin after partnering with the world’s biggest crypto exchange back In January so let’s read more today in our latest cryptocurrency news.
Thailand’s Gulf Energy Development Public COmpany announced that it made a new investment in the US branch of Binance. According to the regulatory filing with the Thai Stock Exchange, the Thai-based company revealed that it invested in Series Seed Preferred Stock via the subsidiary Gulf International Investments Limited, and the assets are issued by BAM Trading Services as the Binance US operator.
In a new filing, Gulf Energy also revealed that it invested an undisclosed amount in BNB in a designed subsidiary that is established with the goal of investing in crypto assets. The company noted that the partnership with Binance will create even more room for it to explore the digital asset industry and expand its scope of investments:
“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.”
The partnership between Binance and Gulf Energy goes back to January 2022 and both companies formed a joint venture mainly to establish a digital asset exchange platform in Thailand. The development came amid the surging interest and demand for crypto and other forms of crypto assets. Gulf Energy also pointed out that there’s a joint venture with Binance that will pish for a licnese from the country’s financial regulator and run the exchange in addition to other licenses with some relevant agencies.
Binance has tried to establish itself in Thailand but its efforts were limited because of stringent regulatory requirements from the regulators. The exchange had issues with the Thailand Securities and Exchange Commission after the regulator filed a complaint against the platform for offering services to Thai residents without a licnese.
As recently reported, After collaborating with Binance, Thailand’s Gulf Energy Sarath Ratanvadi electric power generation company announced plans to invest directly into these digital assets. To do so, the company established a designated subsidiary.
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The company filed documents to the Stock exchange of Thailand informing it set up a Gulf International Investment Limited branch to serve as a subisidary.
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