After collaborating with the world’s largest crypto exchange – Binance – Sarath Ratanavadi’s electric power generation company has announced plans to invest directly in digital assets. To do so, the firm has established a designated subsidiary.
- The company filed documents to the Stock Exchange of Thailand informing that it had set up Gulf International Investment Limited to serve as its subsidiary.
- The starting registered capital will be $100,000, and Gulf Energy will hold a 100% equity stake. The newly-established subsidiary will utilize the funds to invest in “digital infrastructure, digital assets, blockchain technology business, and other related services.”
- These also include direct investments in funds that have portions of their portfolios in cryptocurrencies and blockchain-based projects in foreign countries.
- This will be Gulf Energy’s second cryptocurrency endeavor since the start of the year.
- As CryptoPotato reported back in January, the firm collaborated with Binance to set up a digital asset exchange in the Southeast Asian state.
- However, the Asian country changed its approach towards the crypto industry earlier this week by banning the usage of such assets for payments. Nevertheless, investing in cryptocurrencies has not been prohibited.
BLOCKCHAIN NEWS • crypto news