Binance has just formed a joint venture with Gulf Energy Development, owned by Thai billionaire Sarath Rathanawady, which plans to apply for a cryptocurrency exchange license in the country.
As per the letter sent by the company to the Stock Exchange of Thailand, its subsidiary has invested in BNB tokens.
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In another notice, Gulf Energy has announced its Hong Kong subsidiary has participated in a seed funding round in which Binance.US has raised $200 million. However, Gulf Energy has not reported how much it has invested in the exchange.
According to the press release:
"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."
Binance and Gulf Energy signed a memorandum of understanding in January to explore the possibility of launching a cryptocurrency exchange in Thailand.
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