According to reports, Sarath Ratanavadi, CEO of Gulf Energy Development, stated that his company would invest in blockchain ecosystems to diversify its profits. This decision was made despite widespread market collapse and strict stance taken by local watchdogs towards the sector.
Ratanavadi is Thailand’s second-richest man. His fortune is estimated to be close to $12 billion according to Bloomberg Billionaires Index. His corporation supplies energy to Oman, Vietnam and Thailand.
The Market Disorder and Crypto: Are You Looking at Crypto?
Bloomberg recently reported that Ratanavadi, a billionaire from Thailand, plans to increase the company’s crypto exposure. He is keen to diversify the earnings sources of his company by investing them into blockchain products.
The CEO also stated that Gulf Energy Development had partnered with Binance to create a digital asset platform for Thailand. Ratanavadi believed that cryptocurrencies would play an important role in the company’s future activities. This raises hopes that it will become the country’s market leader.
He said, “Recent issues are individual cases. However, the market overall is still sound and has high potential.”
Sarath Ratanavadi, Source: Forbes
Ratanavadi’s decision to dive deeper into cryptocurrency comes at a time when the market is in a downturn and macroeconomic challenges. Bitcoin trades at $21,500, a 68% drop from its November 2018 peak.
It is interesting to note that Thailand had nearly 700,000 active crypto trading accounts as of December 2018, while they are now down to around 260,000.
One reason could be the attitude of national regulators towards the digital asset sector. Local authorities had earlier this year banned cryptocurrency use as a payment method because it could damage the country’s financial system.
The Previous Crypto Steps of Gulf Energy
In March, the electric power generation company stated its intention to invest directly into digital currencies. It created a subsidiary named Gulf International Investment Limited to achieve this goal.
The firm made an investment in Binance’s US affiliate a month later. The exchange’s native token, BNB, was also given an undisclosed amount by the firm. Gulf Energy expressed hope that its collaboration with the platform would expand its operations and allow it to pursue future cryptocurrency ventures.
The company believes that the multi-level cooperation with Binance (the global leader in blockchain infrastructure technology) is in line with its goal to be the world’s leader in digital infrastructure and will provide further opportunities for the company in expanding into other digital asset-related projects in the future.
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CryptoPotato’s first report, “Thailand Energy Magnate Doubles Down on Crypto Investments” appeared first on CryptoPotato.
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