Roehl Niño Bautista · · 1 min readBinance to form JV with Thai power firm to enter local market
Cryptocurrency platform Binance and Thailand power company Gulf Energy Development will enter into a joint venture to bring the former’s digital asset exchange business into the country, reported Forkast, citing a company filing.
While no timeline was specified, the joint venture will seek a digital asset exchange license and other permits as soon as it gets established.
Gulf Energy has also made an undisclosed amount of investment in BNB, Binance’s utility token.
The “multi-level cooperation” is in line with Gulf Energy’s goals to branch out to digital asset-related initiatives, it said in its filing. Its energy business spans from gas and gas-powered generation to renewable energy. The company also has business interests in infrastructure and utilities.
Thailand has earlier thumbed down cryptocurrency payments in the country. Its securities and exchange commission has also filed a criminal case against Binance last year for operating without a license.
See also: The tech mogul backing Binance’s Malaysia breakthrough
Editing by Miguel Cordon and Lorenzo Kyle Subido
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