Gulf Energy Development, Thailand’s leading power producer, expects to finalize the deal with the world’s biggest cryptocurrency exchange, Binance, by the second quarter in establishing a joint venture for the development of digital asset exchange and related business in Thailand.
In an interview with Reuters, Ms. Yupapin Wangviwat said that the joint venture will be formed once the company concludes talks with Binance on business model and shareholder agreements.
The joint venture will take about six months to obtain the license for trading. Other features would follow afterward.
The new crypto exchange established by GULF and Binance would have to comply with regulations, she added.
In a statement published by GULF on January 17, 2022, regarding the agreement with Binance, GULF stated that it foresees rapid growth in digital infrastructure in Thailand as the economy increasingly becomes driven by innovation and technology, with digital assets and related technology playing a prominent role in improving the efficiency of financial infrastructure in the country to meet the increasing demand of Thai people. As such, the company’s partnership with Binance will help Thailand advance its development of digital assets and blockchain infrastructure.
The collaboration will enhance the value of the digital asset exchange business as the company brings its expertise in setting up business in the country with an unparalleled network of local corporates from real sector and the financial sector, while Binance brings its leading exchange technology. Binance is one of the fastest growing companies in history, with its cryptocurrency exchange ranking as the largest in the world.
In addition, GULF stated that this partnership is aligned with its 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.
