Owned by the fifth richest man in Thailand Sarath Ratanavadi, Gulf Innova Company Limited will be joined by Binance to develop a crypto exchange in the region.
In mid-December of 2021, it was announced that the parent company GULF will be launching its Gulf Innova branch, with a goal of building digital asset services due to Thailand becoming more technologically advanced.
According to a news post by Gulf Energy, it has secured the partnership deal with Binance "to jointly study avenues for the development of digital asset exchange and related business in Thailand."
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The two companies are set to bring out the potential that Thailand's digital infrastructure has with blockchain technology developments and crypto finance services. Gulf Energy will be leading the charge at "setting up the business in the country", and Binance will focus on establishing the blockchain infrastructure.
As Binance went coast-to-coast, from one side of the globe to another for the past several months, Southeast Asia did not offer much success. Earlier in December of 2021, Binance seized all operations in Singapore due to unsuccessful negotiations with the local government. However, the crypto exchange managed to acquire financial licenses in Bahrain and Canada.
With all of that in mind, Thailand seems to be a lot more open to building a crypto-friendly industry around its rapid technological developments and interest in blockchain technologies.