April 15 2022
Thailand’s Gulf Energy Development Public Company Limited has invested in the crypto exchange Binance US through a subsidiary.
According to the regulatory filing, the Thailand firm also invested an undisclosed sum in Binance’s native toke BNB.
The Thai energy firm announced a joint venture with Binance through its subsidiary Gulf Innova Company Ltd. to launch a crypto exchange in Thailand.
Earlier this year, Binance US announced a $200 million funding at a valuation of $4.5 billion.
Circle Ventures, VanEck and Foundation Capital were among the top investors in the crypto exchange.
Gulf Energy is owned by billionaire Sarath Ratanavadi.
The joint venture between Binance and Gulf Energy comes at a time when crypto demand is rising in the Asian country.