The leading Thai private power company Gulf Energy Development Public Company Limited (GULF) is leading the high demand for crypto by partnering with Binance to jointly establish a digital asset exchange in Thailand.
GULF revealed its investment in Binance.US ahead of Binance’s IPO in the US, and in BNB (Binance Coin) through its subsidiary Gulf International Investment Limited.
Binance will use the seed funding proceeds to increase the workforce, launch ROI-based marketing campaigns, expand its product portfolio, and make potential future acquisitions before its IPO.
Binance will also apply for a license to operate a digital asset exchange platform in Thailand as a result of this joint venture.
Yupapin Wangviwat, Gulf’s Chief Financial Officer, informed the Stock Exchange of Thailand (SET) that the company has signed a Shareholders’ Agreement with Binance Capital Management.
The collaboration, which was first announced in January through Gulf Innova Company Limited with Binance to accelerate crypto expansion, comes amid rising demand in Thailand for cryptocurrencies and other digital assets.
The filing by GULF stated that these moves are “aligned with the company’s target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future.”
GULF did not specify the transaction value of its investments in the digital asset exchange.
