● Gulf Energy Development CEO plans to double down all crypto investments despite the current crypto market unrest.
● Sarath Ratanavadi anticipates DLT platforms to become the company’s new source of income.
● Major Thai crypto platforms are currently facing bankruptcy in Thailand.
Even though Thailand is facing tough times in the Fintech sector due to the ongoing inspection of local regulators, the Thai billionaire mentioned his company plans to diversify its revenue streams.
Ratanavadi is Thailand’s second richest tycoon with a net worth of $11.9 billion. Presently his company, Gulf Energy is looking to acquire licenses from Binance, said the CEO in his interview.
He further added he hopes to make Gulf Energy a leader in FinTech through DLT platforms as their next income source in the future, saying despite the market turmoil, the crypto industry still stands “sound and having half potential.”
On the other hand, times are really tough for crypto platforms in Thailand. Incurring major losses, companies like Celsius Network and Three Arrows Capital have filed for bankruptcy. Observing such difficult hours, Thailand’s Security and Exchange Commission (SEC) is providing added protection to investors.
The crypto industry has suffered a global hit over the past couple of months. This includes the downfall of the largest cryptocurrency Bitcoin which took a massive fall to $21,000, and Ethereum, which currently is trading below $1,700. In the light of these concerning global situations, Thailand is looking to improve its crypto regulations to retain customers, income, and turnovers.