Gulf Energy’s partnership with Binance is well in tune with its digital transformational plans and will lay the basis for the firm’s potential moves in the emerging digital scene in the near future.
One of Thailand’s unicorns, Gulf Energy Development Public Company Limited has announced it made a strategic investment in Binance.US through its Gulf International Investment Limited, its Hong Kong-based wholly-owned subsidiary. The revelation was made in a filing lodged with the Stock Exchange of Thailand, noting that it invested in the Series Seed Preferred Stock issued by BAM Trading Services Inc., the operator of the regulated digital asset exchange.
While the exact size of the investment was not revealed, the announcement detailed that the injected capital will be used to expand the trading platform’s staff strength and launch a number of growth-focused programs in the US.
“Binance.US will use the proceeds from the seed funding to expand headcount, launch ROI based marketing efforts, expand its product portfolio and make potential future acquisitions before its planned initial public offering (IPO) in 2-3 years. As such, the investment in Binance.US not only provides an opportunity for the Company to participate in one of the fastest user scale-up exchanges in the world but also realizes potential higher investment value post Binance.US’ IPO,” the filing reads.
Thailand’s Gulf Energy and the Binance.US Joint Venture
Besides its direct investment in the trading platform, Gulf Energy also acquired a substantial amount of the BNB tokens as both firms look to solidify their new relationship with the establishment of a Joint Venture in which a new crypto trading platform will be floated.
Gulf Energy’s partnership with Binance is well in tune with its digital transformational plans and will lay the basis for the firm’s potential moves in the emerging digital scene in the near future.
“The Company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the Company’s target to be the leader in digital infrastructure while providing further opportunities for the Company to expand into other digital asset-related initiatives in the future,” a second filing detailing the BNB token purchase reads.
The proposed trading platform is billed to be launched in the second quarter of the year. In a bid to do things differently from the parent company, the Joint Venture that will usher in the new crypto exchange has plans to work closely with regulators in order to get off on the right footing.
“Following the establishment of the joint venture, it will apply for a digital asset exchange license and other licenses with relevant agencies,” the announcement reads.
The investment and partnership from Thailand’s Gulf Energy through its various subsidiaries echo a related move from other global venture capital firms. The blockchain ecosystem has continued to see an inflow of funds even from traditional companies looking to diversify their funds. Binance.US is a notable beneficiary of these capital injections as well as other prominent players including FTX exchange amongst others.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
