A Thailand energy company, Gulf Energy Development, Public Company Limited, recently announced its investment in Binance tokens and Binance US. This development grossly manifested through a regulatory statement filed by the company on April 18.
Accordingly, the Thailand energy company overtly invested in Series seed preferred stock. The firm secured this through its robust subsidiary. However, the stock secured its approval by BAM Trading Services Inc, the operator of Binance. The US. In addition, the crypto exchange operators announced a whooping $200million increase at $4.% billion valuations on April 6.
How the Thailand Energy Company aided the investment
The Thailand Energy company is owned and managed by a renowned billionaire, identified as Sarath Ratanavadi. The firm in a separate report on Tuesday revealed the usage of a subsidiary company in aiding its investment in BNB. Nevertheless, the associate company, identified as Gulf International Investment Limited refused to divulge the aggregate sum invested. The BNB includes the Native token of BNB chain and Binance Blockchain.
However, an additional report by Thailand Energy company, revealed that these developments remain grossly in line with the predetermined goals of the company. According to the firm, the company intends to emerge as the best in digital infrastructure while furnishing its opportunities to improve extra digital assets-related initiatives in the future.
Furthermore, the energy firm also disclosed its plans to establish a joint investment with the wider finance group in January. According to Thailand Energy company, this joint venture would be carried out through Gulf Innova Company Limited, a subsidiary. The joint venture exists as a recommendation to create a crypto exchange in Thailand. The duo intends to complete the contract in the second quarter of 2022.
Gulf Energy Development to work with Binance, Local regulators
More so, the Thailand energy company disclosed that it entered a shareholders agreement with Binance. According to the firm, the agreement manifested on April 13 and thus birth the launching of a crypto exchange.
The two firms further revealed their plans to work in conjunction with local regulators. Accordingly, the firm intends to overtly request digital assets exchange licenses and other authorizations with appropriate agencies.
Gulf Energy, one of Thailand’s biggest power producers, has been diversifying its portfolio with investments in renewable energy, toll road projects, and telecommunications. In October, the company reportedly reached an agreement with Singapore’s telecom giant Singtel to develop a data center business in Thailand. This, however, manifested months after Gulf Energy acquired more shares of Intouch Holdings, which owns Thailand’s largest mobile phone operator.