A powerful figure in the energy industry plans to diversify some of his company’s revenue streams by investing in cryptocurrency technology, often known as blockchain technology. The name of the Thai billionaire in question is Sarath Ratanavadi, and he is the Chief Executive Officer of the energy company Gulf Energy Development.
The Ratanavadi family is one of the wealthiest families in Thailand. According to the Bloomberg Billionaires Index, his net worth is close to $12 billion, and his company monthly or annual subscription to Thailand, Vietnam, and Oman. He is also one of the world’s most influential billionaires.
In the Midst of the Market Crash Crypto
According to a story from Bloomberg, an energy magnate will reportedly invest in cryptocurrency and related technologies. According to the news website, the Thai billionaire Ratanavadi has ambitions to increase his company’s engagement in cryptocurrency. He is particularly prepared to do so by investing in blockchain technologies in order to diversification some of the organism’s funding sources.
In addition, according to the CEO, Gulf Oil And gas production has formed a partnership with Binance and is in the process of applying for the necessary licences to build a digital asset platform in Thailand. It was predicted by Ratanavadi that cryptocurrency will play a significant role in the future operations of the company, which sparked predictions that it might emerge as the leader in the market in the nation.
“Recent concerns include personal cases, with the general market still being sound and having great potential,” he continued. “The market is still strong and has a lot of untapped potential.”
The decision by Ratanavadi to invest more heavily in cryptocurrencies comes at a time when the market as a whole is in a downward trend and there are problems with the macroeconomy. For example, the price of Bitcoin has fallen by almost 68 percent since it reached its all-time high in November 2021, and is currently trading at approximately $21,500.
It is important to note that in December, Thailand had over 700,000 active trading profiles connected to cryptocurrencies, but that number has since decreased to approximately 260,000.
It’s possible that one of the reasons is the attitude of domestic regulators toward the market for digital assets. At the beginning of this year, local officials made it illegal to use cryptocurrencies as a means of payment on the grounds that doing so would throw the nation’s monetary system into disarray.
Previous Cryptographic Procedures
The company that generates electric power announced in March of this year that it planned to make direct investments in online currencies in the future. In order to accomplish this goal, it established Gulf International Investment Limited as a subsidiary that it owns entirely.
One month later, the corporation made an investment in the US division of Binance. It also invested an amount that is undetermined in the native coin of the marketplace, known as BNB. Gulf Energy has expressed its hope that the company’s engagement with the platform will widen the scope of its activities and make it easier for the company to pursue future bitcoin ventures.
“The organization feels that this number of co coordination with Binance, which is the leading player in blockchain research and development capabilities, is compatible with the business’s objective to be the leader in digital architecture while creating more potential for the firm to develop into other digital asset-related initiatives in the future,” the press release states.