Bangkok, Thailand – Gulf Energy, a national electric power generation company, has announced that it has entered into a memorandum of understanding (MoU) with global cryptocurrency exchange Binance in establishing a digital asset exchange business.
As part of the MoU, Gulf Energy has also announced that it will be investing in Binance’s cryptocurrency coin BNB. The announcement by Gulf Energy to enter into the cryptocurrency business was made during the company’s recent regulatory filings with the Stock Exchange of Thailand (SET).
“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,” Gulf Energy said in the regulatory filing.
In addition, Gulf Energy has announced that it has invested in a series seed preferred stock issued by BAM Trading Services Inc., the operator of a regulated digital asset exchange in the USA under the name Binance.US.
Gulf Energy’s venture into cryptocurrency is announced despite recent regulatory changes from the Thai government regarding the use of cryptocurrency and digital assets as means of payment.