Sarath Ratanavadi, Thailand's second-richest man, made most of his fortune by doubling down on digital asset plans despite increased scrutiny of the cryptocurrency industry and a decline in local trading accounts.
According to Sarath, the chief executive officer of Gulf Energy Development Pcl, his company will increase investment in the blockchain ecosystem to diversify its sources of income despite Thai regulators tightening fintech supervision and the falling value of tokens.
In fact, the Bangkok-based company is seeking a license to operate a digital asset exchange and brokerage with Binance Holdings Ltd, the world's largest crypto exchange with assets of US$11.9 billion.
Meanwhile, Gulf Energy is developing digital assets and a blockchain technology platform in order to achieve its objective of becoming the national market leader.
In an interview with Sarath organized by the Stock Exchange of Thailand, it was stated that an 18 billion baht deal would be finalized to buy a majority stake in Bitkub Online Co.
He added that expanding the crypto community was not an easy process for Sarath who has a bachelor's degree in engineering from Chulalongkorn University in Bangkok and a master's from the University of Southern California.
Beyond that, Gulf Energy's priority is not only to increase its investment in wind and solar energy projects, but to take a leading stake in Intouch Holdings Pel which will control Thailand's largest wireless service and satellite operator.
In total, Gulf Energy has earmarked 100 billion baht for equity investment in renewable energy projects in the US and Europe, and the company also has no plans to take over majority control of Intouch.
