Thailand’s second richest man, who earns most of his wealth from electricity generation, cryptocurrency The digital asset is reinforcing its plans despite increased controls on the industry and a decline in local trading accounts.
“We Will Increase Our Investments in Blockchain Ecosystems”
Sarath Ratanavadi, CEO of Gulf Energy Development PCL, said his company will increase its investments in Blockchain ecosystems to diversify its sources of earnings, as Thai regulators tighten control of fintech and related platforms due to the decline in the value of many tokens.
According to the Bloomberg Billionaires Index, $11.9 billion in wealth rivals that of oil tycoon and Dallas Cowboys owner Jerry Jones. announced that it is seeking a license to operate a digital asset exchange and brokerage in partnership with
“Overall Cryptocurrency Market Still Solid”
Sarath said in a recent interview:
“Digital assets and Blockchain technology platforms will be key drivers for the company’s strongest returns, and our goal is to be the market leader in the country. Recent issues include individual cases and the overall market is still robust and has high potential.”
According to official data, in Thailand bitcoin and the number of active trading accounts related to cryptocurrencies fell from a peak of about 700,000 in December to about 260,000 in July. Cryptocurrency trading turnover at Thailand’s licensed exchange operators fell to 54 billion baht ($1.5 billion) in July, the lowest level since January 2021.
*Not investment advice.
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