Gulf Energy of Thailand is planning to invest in cryptocurrency and blockchain projects

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Gulf Energy of Thailand is planning to invest in cryptocurrency and blockchain projects

Gulf Energy of Thailand is planning to invest in cryptocurrency and blockchain projects
Source: CryptoPotato
1648455604 28 Mar / 08:20

Gulf Energy Development Public Company Ltd, based in Thailand, has established a subsidiary dedicated to investing in cryptocurrencies and blockchain initiatives.

Sarath Ratanavadi's electric power generation company has declared plans to invest directly in digital assets after cooperating with Binance, the world's largest crypto market. The company has set up a dedicated subsidiary to accomplish this.

The company filed filings with the Thai Stock Exchange announcing the formation of Gulf International Investment Limited as a subsidiary.

The first registered capital will be $100,000, with Gulf Energy owning 100% of the company. The funds will be used to invest in “digital infrastructure, digital assets, blockchain technology company, and other associated services” by the newly formed subsidiary.

Gulf Energy’s second cryptocurrency venture since the beginning of the year. In January, CryptoPotato claimed that the company has teamed up with Binance to launch a digital asset exchange in the Southeast Asian country.

However, earlier this week, the Asian country revised its stance on the crypto industry by prohibiting the use of such assets for payment. Investing in cryptocurrencies, however, is not illegal.

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