Binance cryptocurrency exchange is collaborating with Thailand’s billionaire, Sarath Ratanavadi’s Gulf Energy Development PCL, for digital asset exchange.
Gulf Energy Development says that the partnership is influenced by the fast growth of the Asian nation’s digital infrastructure.
A spokesperson at Binance exchange notes that the development is an initial step in the search for opportunities in Thailand.
Binance is also moving to institutionalize the global operations as a step to its market expansion.
The exchange got approval from Bahrain’s central bank last year to provide cryptocurrency services. Binance also closed a deal with the Dubai World Trade Centre Authority on a regulatory front.
Sarath Ratanavadi has continued to increase his interest in the financial sector. The investor recently entered into a partnership, through Advanced Info Services, with Siam Commercial Bank PCL for a digital financial product.
Source: Bloomberg