Gulf Energy Development CEO Sarath Ratanavadi reportedly said that his company will invest in the blockchain ecosystem to diversify some of its profits. The decision comes despite a general market crash and a strict stance by local regulators on the industry.
Ratanavadi is known as the second richest person in Thailand. His fortune is close to $12 billion, according to the Bloomberg Billionaires Index, while his company supplies energy to Thailand, Vietnam and Oman.
Focus on cryptocurrencies amid market turmoil
A recent report from Bloomberg suggests that Thai billionaire Ratanavadi intends to increase his company’s cryptocurrency exposure. Specifically, he is willing to diversify by investing some of the entity’s revenue streams in blockchain products.
In addition, the CEO stated that Gulf Energy Development Corporation has partnered with Binance and is seeking a presence in Thailand. Ratanavadi predicts that cryptocurrencies will play a vital role in the company’s future activities, raising hopes of turning it into a national market leader.
“Recent issues have involved individual cases, and the overall market remains solid with huge potential,” he added. Sarath Ratanavadi, Source: Forbes
Ratanavadi’s intention to delve deeper into cryptocurrencies comes amid a general market downturn and macroeconomic hurdles. On the one hand, Bitcoin is currently trading around $21,500 (down 68% from its November 2021 all-time high).
It is worth noting that Thailand had nearly 700,000 accounts with active cryptocurrency-related transactions in December, which is now down to around 260,000.
The stance of domestic regulators on the digital asset industry may be partly to blame. Earlier this year, local authorities banned the use of cryptocurrencies as a payment method, claiming it could harm the country’s monetary system.
Previous crypto steps by Gulf Energy
The power generation company announced plans to invest directly in digital currencies in March of this year. To achieve this, it established a designated subsidiary called Gulf International Investments Limited.
A month later, the company invested in the U.S. subsidiary of Binance. It also allocated an undisclosed amount to the exchange’s native token, BNB. Gulf Energy expressed hope that the partnership with the platform will expand its operations and simplify its future cryptocurrency endeavors:
“The company believes that this multi-layered partnership with The collaboration with Binance, a global blockchain infrastructure technology leader, aligns with the company’s goal of becoming a digital infrastructure leader, while providing additional opportunities for the company to expand into other digital asset-related initiatives in the future.”
Featured image courtesy of ThaiNews
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