Tuesday, October 4, 2022
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Gulf Energy will invest in crypto assets through newly formed subsidiary

Gulf Energy Development Public Company Ltd, based in Thailand, has established a subsidiary dedicated to making investments in crypto and blockchain initiatives.

Gulf Energy Development Public Company Ltd has declared its ambitions to invest directly in digital assets after cooperating with Binance, which is the world’s largest crypto exchange. Gulf Energy is a Thailand based company working towards electric power generation. The company has set up a dedicated subsidiary to realise its new plans of investment.

Gulf Energy and newly formed subsidiary

The firm filed paperwork with the Thai Stock Exchange confirming the formation of Gulf International Investment Limited as a subsidiary. The initial registered capital would be $100,000, with Gulf Energy owning 100% of the company.

Crypto investment plans

The newly formed subsidiary will invest in digital infrastructure, digital assets, blockchain technology, and other associated services. The new firm will also work towards subscribing direct stakes in digital currencies and blockchain-based initiatives in other countries from a portion of its portfolio. The newly set up venture is Gulf Energy’s second cryptocurrency venture since the beginning of 2022.

Earlier, in January 2021, the Thai based company collaborated with Binance to launch a digital asset exchange in the Southeast Asian country. However, earlier this week, it revised its stance on the crypto business by prohibiting the use of such assets for payment. However, the company has not restricted its investment plans of cryptocurrency.

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