Gulf Energy Development, owned by Sarath Ratanavadi, is said to be investing some of its income in the cryptocurrency market.
Gulf Energy Development CEO Sarath Ratanavadi reportedly indicated that his organization will invest in blockchain ecosystems to diversify part of its income. Despite the overall market collapse and the severe posture taken by local regulators toward the sector, the decision was made.
Ratanavadi is Thailand’s second wealthiest person. His fortune is close to $12 billion, according to the Bloomberg Billionaires Index, and his firm provides electricity to Thailand, Vietnam, and Oman.
Looking at Crypto in the midst of Market Chaos
Ratanavadi, a Thai millionaire, plans to expand his company’s crypto exposure. He is specifically willing to diversify some of the entity’s revenue streams by investing in blockchain technologies.
Furthermore, the CEO stated that Gulf Energy Development has teamed with Binance and is seeking licenses to develop a digital asset platform in Thailand. Ratanavadi anticipated that cryptocurrency will play an important role in the company’s future operations, sparking hopes that it could become the nation’s market leader.
“Recent issues involve individual cases, with the overall market still being sound and having high potential,” he added.
Ratanavadi’s decision to delve deeper into crypto comes at a time when the market is in general decline and there are macroeconomic challenges. Bitcoin, for example, is currently trading at about $21,500 (a 68% drop from its all-time peak in November 2021).
It is worth mentioning that Thailand had about 700,000 active crypto-related trading accounts in December, which have already dropped to around 260,000.
Domestic regulators’ attitude toward the digital asset market could be one of the reasons. Local officials outlawed the use of cryptocurrencies as a payment method earlier this year, alleging that it would disrupt the country’s monetary system.
Previous Crypto Steps by Gulf Energy
In March of this year, the electric power producing firm revealed its intention to invest directly in digital currencies. To that end, it established Gulf International Investment Limited, a wholly owned subsidiary.
A month later, the company invested in Binance’s US subsidiary. It also invested an undisclosed sum in the exchange’s native coin, BNB. Gulf Energy expressed hope that its engagement with the platform will broaden the scope of its activities and make future bitcoin ventures easier:
“The company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is 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.”