Thai energy tycoon to double down on crypto investments (report)

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Thai energy tycoon to double down on crypto investments (report)

Sarath Ratanavadi – CEO of Gulf Energy Development – ​​reportedly said her company would invest in blockchain ecosystems to diversify some of its profits. The move comes despite the general market slump and the tough stance local watchdogs have taken towards 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 power to Thailand, Vietnam and Oman.

Eyeing Crypto Amid Market Mess

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

Additionally, the CEO said that Gulf Energy Development has partnered with Binance and applied for licenses to establish a digital asset platform in Thailand. Ratanavadi predicted that cryptocurrencies will play a vital role in the company’s future business, raising hopes that this will make it the national market leader.

“Recent issues involve individual cases, with the overall market still strong and having high potential,” he added.

Sarath Ratanavadi
Sarath Ratanavadi, Source: Forbes

Ratanavadi’s intention to dive deeper into crypto comes at a time of general market downturn and macro headwinds. Bitcoin, for its part, is currently trading at around $21,500 (a 68% drop from the all-time high level in November 2021).

It should be noted that Thailand had nearly 700,000 active crypto-related trading accounts in December, while they have now fallen to around 260,000.

The position of national regulators towards the digital asset industry could be one of the reasons. Earlier this year, local authorities banned the use of cryptocurrencies as a method of payment, saying it could harm the country’s monetary system.

Previous Gulf Energy Crypto Steps

The power generation company announcement its intention to invest directly in digital currencies in March this year. To achieve this goal, it established a designated subsidiary called Gulf International Investment Limited.

A month later, the company invested in the American subsidiary of Binance. It has also allocated an undisclosed amount of funds to the exchange’s native token – BNB. Gulf Energy raised hopes that collaborating with the platform will broaden the scope of its operations and facilitate its future cryptocurrency efforts:

“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 goal of being the leader in digital infrastructure while providing the company new opportunities to expand into other digital assets and related initiatives in the future.

Featured image courtesy of ThaiNews

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