Thai energy company has invested in Binance.US

The collaboration with the cryptocurrency platform will allow the company to launch initiatives related to digital assets

18.04.2022 - 15:30

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What’s new? Gulf Energy Development, a Thailand-based company, has invested in the US arm of the Binance exchange (Binance.US). The platform will direct funds to hire new employees, launch marketing campaigns and expand its portfolio before its initial public offering (IPO) on the stock exchange, which will take place in 2-3 years.

The letter, sent to the Stock Exchange of Thailand (SET), states that the collaboration with the cryptocurrency platform will allow the company to launch initiatives related to digital assets.

Gulf Energy Development’s letter

What is known about Gulf Energy? It is one of Thailand’s largest electricity producers, which is diversifying its portfolio through investments in renewable energy sources, toll road projects, and telecommunications.

What had happened before? In January, the Securities and Exchange Commission of Thailand (SEC), the Ministry of Finance (MOF), and the Bank of Thailand (BOT) issued a joint press release discussing the regulation of digital assets. The country’s government had considered introducing a 15% tax on trading in digital assets but dropped this idea in February.

On April 6, Binance.US reported a seed round in which the arm of the largest cryptocurrency exchange by trading volume raised $200 million from major funds and investors.

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