Crypto-currency exchange Binance and Gulf Energy to form JV

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Crypto-currency exchange Binance and Gulf Energy to form JV
Crypto-currency exchange Binance and Gulf Energy to form JV

The move into crypto-currency comes from its owner and CEO Sarath Ratanavadi’s plans to expand into digital infrastructure, which took shape last year when it increased its ownership of InTouch Holdings Pcl to 42 per cent in a 48 billion baht deal

In the second quarter this year, Thailand’s power producer Gulf Energy Development Pcl expects to finalise a joint venture (JV) with the world’s biggest crypto-currency exchange, Binance, a senior executive said.

“Once we conclude talks with Binance on business model and shareholder agreements, a JV will be formed, which will apply for the license with regulators”, Gulf chief financial officer Yupapin Wangviwat said.

She expects the JV to take about six months for obtaining the license for trading and then other features would follow.

Prompting authorities to introduce regulation, crypto-currency trading has exploded in Southeast Asia’s second-largest economy with transactions reaching 251 billion baht ($7.57 billion) in November.

Yupapin said the Gulf-Binance crypto-currency exchange would have to comply with regulations.

Thailand’s securities watchdog, last year filed a criminal complaint against the crypto-currency exchange Binance for operating without a digital asset license.

The move into crypto-currency comes from its owner and CEO Sarath Ratanavadi’s plans to expand into digital infrastructure, which took shape last year when it increased its ownership of InTouch Holdings Pcl to 42 per cent in a 48 billion baht deal.

InTouch owns the country’s the country’s largest mobile operator, AIS.

To build data centres, Gulf established a separate JV with Singapore Telecommunications and AIS on Thursday.

With an estimated cost of up to $400 million, initial plans include 20 to 40-megawatts (MW) of data centres in Thailand, Yupapin said.

“In the longer term we plan to reach 100 MW”, Yupapin said on growing demand.

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