Home Blockchain Gulf Energy Billionaire CEO Doubles Down on Crypto and Blockchain

Gulf Energy Billionaire CEO Doubles Down on Crypto and Blockchain

0
Gulf Energy Billionaire CEO Doubles Down on Crypto and Blockchain

item picture

Youri Molchan

Thailand’s second-richest person intends to increase his company’s investments in the crypto and blockchain sphere, expecting significant revenue

Contents

In his recent play, Bloomberg reported that the Managing Director of Gulf Energy Development Pcl, Sarath Ratanavadi, intends to not only stick to his plans for investing in the crypto sphere, but also boost those investments.

He predicted that despite the current context tough times for crypto funds in the country because of regulators.

Investing in the Crypto Industry Despite Close Watch from Regulators

Ratanavadi told Bloomberg that his company plans to diversify its revenue streams despite ongoing scrutiny from local regulators in Thailand at the moment in the fintech space.

Gulf Energy is based in Bangkok and is currently seeking licenses with Binanance, according to the CEO. Sarath Ratanavadi is the second richest person in Thailand, and Bloomberg Index data shows that her net worth of $11.9 billion can be compared to that of Jerry Jones (Dallas Cowboys owner and oil mogul).

Ads

Ratanavadi said he expects DLT platforms to become the company’s main sources of revenue in the near future, and he wants to make Gulf Energy the market leader in this area. He believes that despite recent individual cases being reviewed by regulators, the industry overall remains “healthy and half potential”.

Thai Crypto Platforms See Lower Profits

Currently, several crypto-related platforms in Thailand are facing tough times and massive losses in returns. Furthermore, after Celsius Network and Three Arrows Capital went bankrupt, the local Securities and Exchange Commission (SEC) moved to further protect retail investors and improve current crypto regulations.

Several major crypto traders in Thailand have experienced substantial declines in revenue, customers, and turnover. Flagship cryptocurrency Bitcoin faced a massive drop just above $21,000, and Ethereum is trading below the $1,700 level. This has a negative impact on the entire crypto market, resulting in a consequent drop in trading volumes, investments, and profits.

As U.Today reported earlier, one of the founders of bankrupt fund Three Arrows Capital, Su Zhu, may face a prison sentence. In the summer, the court proved that the bankrupt hedge fund owed about $3.5 billion to several companies that had invested in it.

LEAVE A REPLY

Please enter your comment!
Please enter your name here