Binance teams up with Thailand billionaire Sarath Ratanavadi’s company to set up a local crypto exchange.

Binance has teamed up with Thailand billionaire Sarath Ratanavadi’s Gulf Innova Company to set up a crypto exchange in the country. The parent company Gulf Energy announced the news in a letter to the Stock Exchange of Thailand on Monday, saying that it foresees “rapid growth” in Thailand’s digital infrastructure and that Binance’s partnership will help develop that infrastructure.

Gulf Energy established Gulf Innova to enter the digital infrastructure industry. 

Gulf Energy had established Gulf Innova later last year to enter the digital infrastructure industry. At the time, the Thailand-based company said it would jointly invest with partners and combine the expertise of each party to build a digital platform in the future. As for its partnership with Binance, Gulf Energy said it would bring its expertise in setting up a business in the country with a network of local corporates, and Binance will bring its exchange technology. 

Siam Commercial Bank acquired a 51% stake in Thailand’s Bitkub exchange.

Thailand has been taking strides to become a hot spot for the crypto market. As reported earlier, the Asian country’s first commercial bank, the Siam Commercial Bank, acquired a 51% stake in Bitkub exchange. The exchange noted that the deal would serve the long-term growth of the platform and “lay the foundation for the financial business of the future world.” The bank purchased the stake for roughly $537 million. The deal is expected to see closure in the first quarter of the current year, but the announcement is an indication that all the pieces are in place. As reported earlier, this would mark the first time that a commercial bank in Thailand has a stake in a crypto exchange.