The leading cryptocurrency exchange Binance, which recently signed an agreement with the Dubai World Trade Center Authority, is also making new ventures in Thailand.
Taking action to establish a cryptocurrency exchange in Thailand, Binance has partnered with Gulf Innova, owned by Thai billionaire Sarath Ratanavadi.
Gulf Innova was founded last month as a subsidiary of Gulf Energy to enter the crypto industry.
The partnership between Binance and Gulf Energy was announced in a letter the company wrote to the Thai Stock Exchange.
In this letter, Gulf Energy pointed out that it foresees “rapid growth” in Thailand’s digital infrastructure and that the partnership with Binance will help develop this infrastructure.
A Binance spokesperson said the partnership is the “first step” in exploring digital opportunities in Thailand.
“Our aim is to work with the government, regulators and innovative companies to develop the crypto and blockchain ecosystem in Thailand.”
Binance continues to take steps for global growth in recent months. In addition to its agreement with the Dubai World Trade Center, Binance had received in principle approval from the Central Bank of Bahrain to become a crypto asset service provider in the country.