Contents
- Investing in the crypto industry despite regulators’ strict oversight
- Thai crypto platforms see decline in profits
Gulf Energy CEO Billionaire Doubles Down on Crypto and Blockchain
Yuri Molchan
The second richest person in Thailand intends to increase his company’s investments in the crypto and blockchain sphere, expecting big earnings
In its latest piece, Bloomberg has reported that CEO of Gulf Energy Development Pcl, Sarath Ratanavadi, not only intends to stick with his plans to invest in the cryptosphere, but also to increase those investments.
He has planned it despite the current difficult times for crypto funds in the country due to regulators.
Investing in the crypto industry despite regulators’ strict oversight
Ratanavadi told Bloomberg that his company plans to diversify its revenue sources despite the current scrutiny by local regulators in Thailand at the moment in fintech.
Gulf Energy is based in Bangkok and is currently seeking to secure licenses with Binanance, according to its CEO. Sarath Ratanavadi is the second richest person in Thailand, and Bloomberg Index data shows that his net worth of $11.9 billion is comparable to that of Jerry Jones (who owns the Dallas Cowboys and is an oil magnate).
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Ratanavadi stated that he expects DLT platforms to become the company’s main source of revenue in the near future, and he wants to make Gulf Energy the market leader in this area. He believes that despite the recent individual cases investigated by regulators, the industry overall remains “healthy and has half of its potential.”
Thai crypto platforms see decline in profits
Currently, several crypto-related platforms in Thailand are facing hard times and huge losses in returns. Also, after the bankruptcy of Celsius Network and Three Arrows Capital, the local SEC (Securities and Exchange Commission) decided to provide more protection to retail investors and improve current crypto regulations.
Several major crypto traders in Thailand have seen significant declines in revenue, customers and trading volume. The flagship cryptocurrency, Bitcoin, has faced a massive drop to just over $21,000, and Ethereum is trading below the $1,700 level. This negatively affects the entire crypto market, resulting in a subsequent decrease in trading volume, investments and profits.
As reported by U.Today earlier, one of the founders of the failed Three Arrows Capital fund, Su Zhu, could face a prison sentence. This summer, the court proved that the bankrupt hedge fund owes about $3.5 billion to several companies that invested in it.
