The energy solutions company, owned by billionaire Sarath Ratanavadi, will continue its expansion into blockchain technologies with a new business unit.
According to a document released by GULF, the company has notified the Stock Exchange of Thailand (SET) of the launch of its blockchain-focused subsidiary called Gulf International Investment Limited.
The subsidiary will focus strictly on crypto-related initiatives, including “digital infrastructure, digital assets, blockchain technology activities, including investment in funds investing in the aforementioned assets and companies, overseas.”
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In other words, Gulf Investment funds crypto firms specializing in digital asset investments and blockchain development. The subsidiary’s seed capital will be $100K, with Gulf Energy holding a 100% equity stake.
This comes two months after the Gulf Development Company expressed an interest in blockchain technologies. In January, the energy company announced it was partnering with Binance to study and develop “digital asset exchange and related activities in Thailand.”
Although Binance has been under the supervision of Thai regulators for quite some time, the crypto exchange is still operational in the country.
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Dom Z. – Crypto Analyst, BitDegree