6 June 2024

Thailand’s Gulf Energy Development PCL, or GULF, has entered into an agreement with Binance, the world’s largest digital assets exchange in terms of trading volume, to explore the setting up of a cryptocurrency exchange and related businesses in Thailand.

GULF has informed the Stock Exchange of Thailand (SET) that its wholly-owned subsidiary, Gulf Innova, has already signed a memorandum of understanding (MoU) with Binance, to study and plan for the development of a cryptocurrency exchange in Thailand.

GULF said in its letter to the SET that it recognises a big jump in the use of cryptocurrencies in Thailand and the potential of digital assets and related technologies in enhancing the efficiency of the country’s financial infrastructure.

The cooperation with Binance, said GULF, will be a driving force for the development of the infrastructure for cryptocurrencies and blockchain, leading to the creation of a digital assets exchange in the country.

GULF has ample experience and expertise in developing and exploring new businesses, while Binance, which holds the fastest growth record and the world’s largest trading volume, which are in line with GULF’s objective to expand into digital industries, digital assets and related businesses, said the Thai energy company.