Energy Magnate Will Invest In Crypto – Doubles Down

Energy magnate will invest in crypto tech i.e. blockchain technology in order to diversify parts of his company’s income. The Thai magnate in question is Sarath Ratanavadi, who is the CEO  of Gulf Energy Development, an energy company.

Ratanavadi is Thailand’s second wealthiest person. His fortune is close to $12 billion, according to the Bloomberg Billionaires Index, and his firm provides electricity to Thailand, Vietnam, and Oman.

Crypto Amid The Market Downturn

Bloomberg has reported that an energy magnate will invest in crypto tech. The news site said that Thai billionaire Ratanavadi plans to enhance his company’s crypto involvement. He is specifically ready to diversify some of the entity’s revenue streams by investing in blockchain technologies.

Furthermore, the CEO stated that Gulf Energy Development has teamed with Binance and is seeking permits to develop a digital asset platform in Thailand. Ratanavadi anticipated that cryptocurrency will play an important part in the company’s future operations, sparking expectations that it could become the nation’s market leader.

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

Ratanavadi’s decision to delve deeper into crypto comes at a time when the market is in general decline and there are macroeconomic challenges. Bitcoin, for example, is presently trading for about $21,500 (a 68% drop from its all-time peak in November 2021).

It is worth mentioning that Thailand had about 700,000 active crypto-related trading accounts in December, which have already dropped to around 260,000.

Domestic regulators’ attitude toward the digital asset market might be one of the reasons. Local officials outlawed the use of cryptocurrencies as a payment method earlier this year, alleging that it would disrupt the country’s monetary system.

Previous Crypto Steps

In March of this year, the electric power producing firm revealed its intention to invest directly in digital currencies. To that end, it established Gulf International Investment Limited, a wholly-owned subsidiary.

A month later, the company invested in Binance’s US subsidiary. It also invested an unknown sum in the exchange’s native coin, BNB. Gulf Energy expressed confidence that its engagement with the platform will broaden the scope of its activities and make future bitcoin ventures easier:

“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 target to be the leader in digital infrastructure while providing further opportunities for the company to expand into other digital asset-related initiatives in the future.”

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