Thai Energy Magnate to Double Down on Crypto Investments (Report)

Sarath Ratanavadi – CEO of Gulf Energy Development – ​​reportedly stated that his company will invest in blockchain ecosystems to diversify some of its profits. The decision comes despite the broad market collapse and the strict stance that local watchdogs have taken on the sector.

Ratanavadi is known as the second richest person in Thailand. According to the Bloomberg Billionaires Index, his fortune is approaching $12 billion, while his company supplies energy to Thailand, Vietnam and Oman.

Looking at crypto amid the market disruption

Recent coverage by Bloomberg revealed that Thai billionaire Ratanavadi intends to increase his company’s crypto exposure. Specifically, he is willing to diversify some of the entity’s revenue streams by investing them in blockchain products.

In addition, the CEO said Gulf Energy Development partnered with Binance and sought licenses to establish a digital asset platform in Thailand. Ratanavadi predicted cryptocurrencies will play an important role in the company’s future activities, raising hopes that this will make it the country’s market leader.

“Recent issues involve individual cases, where the overall market remains healthy and has high potential,” he added.

Ratanavadi’s intention to dive deeper into crypto comes at a time of a broad market downturn and macroeconomic headwinds. Bitcoin is currently trading at around $21,500 (down 68% from its November 2021 all-time high).

It is worth noting that Thailand had almost 700,000 active crypto-related trading accounts in December, while now they decreased to about 260,000.

The attitude of domestic regulators towards the digital asset industry may be part of the reasons. Earlier this year, local authorities banned the use of cryptocurrencies as a payment method, claiming it could damage the country’s monetary system.

Gulf Energy’s previous crypto stage

The electric power generation company announced its plans to invest directly in digital currencies in March this year. To achieve this objective, it formed a designated subsidiary called Gulf International Investment Limited.

A month later, the firm invested in Binance’s American subsidiary. It also allocated an undisclosed amount to the exchange’s native token – BNB. Gulf Energy raised hopes that the partnership with the platform will expand the scope of its business and facilitate its future cryptocurrency endeavours:

“The Company believes that this multi-level collaboration with Binance, a world leader in blockchain infrastructure technology, is in line with the Company’s goal to be a leader in digital infrastructure, while providing additional opportunities for the Company to expand into other digital assets. related initiatives in the future.”

Featured image courtesy of ThaiNews