Binance to help launch a cryptocurrency exchange in Thailand

Binance signed a memorandum of understanding with Gulf Innova Company Limited, the subsidiary of Gulf Energy Development Public Company Limited owned by Thai billionaire Sarath Ratnavandi.

According to the letter to the Stock Exchange of Thailand, the aim of the Binance and Gulf Innova Company Limited partnership is to explore the feasibility of launching a cryptocurrency exchange in the country.

Gulf Energy noted that it expects rapid growth in the digital asset infrastructure in the country, and that the partnership would help promote these innovations.

According to the statement, Gulf Energy will bring its experience in building a business with a network of local corporations, while Binance will provide exchange technology.

“This partnership aligns with the company’s policy to expand its business and strengthen the digital infrastructure enterprise, while also providing additional opportunities for future expansion of other initiatives related to digital assets,” Gulf Energy said.

The holding company said Gulf Innova was registered in December 2021. The company’s stated aim is to expand and strengthen its business in the field of digital transformation.

Earlier in December 2021, Binance signed a memorandum of understanding with the Dubai World Trade Centre Authority to create an industry hub in the emirate.