Binance to Set Up Crypto Exchange with Thai Billionaire
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Cryptocurrency exchange Binance has signed a memorandum of understanding with Gulf Energy Development Public, a Thai company that produces and sells electricity and steam. According to a document, Gulf Energy "foresees rapid growth" in cryptocurrency in Thailand as the economy increasingly becomes driven by innovation and technology.

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The company says the partnership will help Thailand to advance its development of cryptocurrency and blockchain infrastructure. Gulf Energy also notes that this partnership is aligned with its policy to expand d into other cryptocurrency-related initiatives in the future. However, the financial side of the partnership remains undisclosed.

Gulf Energy Development is a Thailand-based holding company founded by Thai billionaire Sarath Ratanavadi. As per Reuters, the company's portfolio consists of electricity, steam and chilled water generating projects and other related business.

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Earlier in December, Binance held talks with the largest privately-owned bank in Indonesia about a joint cryptocurrency venture. According to Bloomberg, the exchange contacted PT Bank Central Asia (BCA), and state-owned PT Telkom regarding the matter.

The partnership might boost the adoption of cryptocurrencies in the Southeast Asian nation, the report says. However, the bank might form the partnership with Binance through another related entity, Bloomberg notes. Financial details of the partnership remain undisclosed.

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