Gulf Energy Development Plc. (SET: GULF), Thailand’s leading power producer, announced on Monday via the Stock Exchange of Thailand (SET) that it wholly-owned subsidiary, Gulf International Investment (Hong Kong) Limited, has invested in Series Seed Preferred Stock issued by BAM Trading Services Inc., the operator of a regulated digital asset exchange in the United States of America under the name Binance.US.
Binance.US was established in 2019 and is a leader in the digital asset exchange business, serving millions of users and processing hundreds of billions of dollars in transaction volume. It currently has licenses to operate in 45 states and 7 territories, and targets to be available to the entire country by the end of 2022. Binance.US will use the proceeds from the seed funding to expand headcount, launch ROI based marketing efforts, expand its product portfolio and make potential future acquisitions before its planned initial public offering (IPO) in 2-3 years.
As such, the investment in Binance.US not only provides an opportunity for GULF to participate in one of the fastest user scale-up exchanges in the world but also realizes potential higher investment value post Binance.US’ IPO.
