Binance To Open A Crypto Exchange In Thailand Through Local Partnership
Binance has teamed up with Thailand’s leading power and utilities company to set up a crypto exchange in the country.
The leading digital asset platform, Binance, has reportedly partnered up with the Gulf Energy Development PCL – owned by the Thai billionaire Sarath Ratanavadi, with the goal to set up a cryptocurrency exchange in the Southeast Asian nation.
Gulf Energy announced the news in a letter to the Stock Exchange of Thailand on Monday. The form wrote in the announcement:
“The Company foresees rapid growth in digital infrastructure in Thailand as the economy increasingly becomes driven by innovation and technology, with digital assets and related technology playing a prominent role in improving efficiency of financial infrastructure in the country to meet the increasing demand of Thai people. As such, the Company’s partnership with Binance will help Thailand advance its development of digital assets and blockchain infrastructure.”
Last month Gulf Energy established a new entity, Gulf Innova, as the vehicle to last month to enter the digital assetspace. At the time, the company said it will jointly invest with partners and combine the expertise of each party to build a digital platform in the future.
Gulf Energy commented its partnership with Binance saying that it will bring its expertise in setting up a business in the country with a network of local corporates, and Binance will bring to the table its exchange technology.
According to Binance spokesperson, the partnership with Gulf Energy is “the first step” in exploring opportunities in Thailand:
“Our goal is to work with government, regulators, and innovative companies to develop the crypto and blockchain ecosystem in Thailand.”
Nearly a month ago, Binance displayed its intentions to establish a digital asset venture in Indonesia. Back then, it discussed the possibility with PT Bank Central Asia – an entity controlled by the wealthiest family on the island: the Hartono brothers.
