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Thailand’s Gulf Energy To Invest In Cryptocurrencies & Blockchain Projects
Thailand’s Gulf Energy Development Public Company Ltd has set up a subsidiary to focus on investing in cryptocurrencies and blockchain projects.
Himanshu S.
1:00 25th Mar, 2022

After collaborating with the world’s largest crypto exchange – Binance – Sarath Ratanavadi’s electric power generation company has announced plans to invest directly in digital assets. To do so, the firm has established a designated subsidiary.

The company filed documents to the Stock Exchange of Thailand informing that it had set up Gulf International Investment Limited to serve as its subsidiary.

The starting registered capital will be $100,000, and Gulf Energy will hold a 100% equity stake. The newly-established subsidiary will utilize the funds to invest in “digital infrastructure, digital assets, blockchain technology business, and other related services.”

These also include direct investments in funds that have portions of their portfolios in cryptocurrencies and blockchain-based projects in foreign countries.

This will be Gulf Energy’s second cryptocurrency endeavor since the start of the year.

The firm collaborated with Binance to set up a digital asset exchange in the Southeast Asian state, Reports.

However, the Asian country changed its approach towards the crypto industry earlier this week by banning the usage of such assets for payments. Nevertheless, investing in cryptocurrencies has not been prohibited.


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