Today, Sarath Ratanavadi’s energy firm in Thailand announced investments in Binance.
Gulf Energy Development Public Company Limited said on April 18 that it had invested in “series seed preferred shares” issued by BAM Trading Services Inc., the operator of Binance.US, via a subsidiary. On April 6, the exchange announced a $200 million capital round at a $4.5 billion value.
Gulf Energy also invested an unknown quantity in BNB — the native token of BNB Chain, Binance’s blockchain — via a company titled Gulf International Investment Limited, according to a second filing on April 18.
Gulf Energy said in its second filing that these measures are “consistent with the firm’s goal of becoming the leader in digital infrastructure” and “provide further opportunity for the company to grow into other digital asset-related activities in the future.”
In January, the Thai business revealed ambitions to create a joint venture with the larger Binance group through its subsidiary Gulf Innova Company Limited – principally to establish a crypto exchange in Thailand. The parties anticipated concluding the transaction in the second quarter of this year.
Gulf Energy said in the second filing that Gulf Innova entered into a shareholders agreement with Binance on April 13 to establish a cryptocurrency exchange.
Additionally, the two announced their desire to collaborate with local authorities. “Following the foundation of the joint venture, it will apply to appropriate authorities for a digital asset exchange license and other permits,” Gulf Energy said in its second filing.