Binance announces Thailand crypto partnership
Binance has partnered with Sarath Ratanavadi’s Gulf Energy Development to look into setting up a cryptocurrency exchange in Thailand.
Reportedly making the agreement on Monday, the partnership is in response to the “rapid growth” of Thailand’s digital infrastructure in the foreseeable future.
In a statement, Gulf Energy explained that as the economy increasingly becomes driven by innovation and technology — digital assets and related technology will play a more prominent role in improving the efficiency of financial infrastructure in the country to meet the rising demand of Thai people.
The partnership with Binance will help Thailand advance its development of digital assets and blockchain infrastructure.
Binance described the collaboration as the “first step” in exploring opportunities in Thailand. “Our goal is to work with government, regulators and innovative companies to develop the crypto and blockchain ecosystem in Thailand,” the company’s spokesperson said.
In recent months, Binance has taken several steps to globalize its operations. Just last month, the company received in-principle approval from the Central Bank of Bahrain to be a crypto-asset provider. Additionally, Binance recently signed a deal with the Dubai World Trade Centre Authority to help it establish a crypto regulatory framework.
Gulf Energy has been diversifying its portfolio by investing in renewable energy, telecommunications and motorway projects. In October 2021, the energy company announced it had reached an agreement with Singapore’s telecom giant Singtel to develop a data center business in Thailand.
The partnership with Binance marks the first time the company has ventured into the crypto space, highlighting the growing popularity of digital assets among Thailand. In November, the country’s oldest lender, Siam Commercial Bank, announced that it had acquired 51% stake in local crypto exchange Bitkub for 17.85 billion baht ($538.7 million).
Amongst its popularity, the crypto boom has also faced scrutiny, primarily by Thailand’s financial authorities. The nation’s central bank said in December that it was considering rules that would regulate the usage of cryptocurrencies as a means of payments.
“This partnership is aligned with the Company’s policy to expand its business and strengthen its digital infrastructure ventures while providing further opportunities for the Company to expand into other digital asset related initiatives in the future,” Gulf Energy added.