The energy solution company, owned by billionaire Sarath Ratanavadi, will continue its expansion into blockchain technologies with a new business unit.
According to a document issued by GULF, the company notified the Stock Exchange of Thailand (SET) about the launch of its blockchain-focused subsidiary titled Gulf International Investment Limited.
The subsidiary will strictly focus on crypto-related initiatives, including "digital infrastructure, digital assets, blockchain technology business, including investment in funds that invest in aforementioned assets and businesses, in foreign countries."
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In other words, Gulf Investment will be funding crypto companies that specialize in digital asset investments and blockchain development. The starting capital of the subsidiary will be $100K, with Gulf Energy holding a 100% stake in the equity.
This comes two months after the Gulf Development Company had shown interest in blockchain technologies. Back in January, the energy firm announced that it has partnered with Binance to study and develop "digital asset exchange and related business in Thailand."
Even though Binance has been under regulatory scrutiny by Thai regulators for some time now, the crypto exchange is still operational within the country.