Major cryptocurrency exchange Binance has partnered with Gulf Innova Company, owned by Thai billionaire Sarath Rathanawady, to create a trading platform.
According to a statement from parent company Gulf Energy, the decision comes amid the “rapid growth” of Thailand’s digital asset infrastructure. The partnership with Binance will accelerate this growth and create a cryptocurrency exchange for the people of the country.
As part of the partnership, Binance will provide its technology expertise, while Gulf Energy, with the help of a network of local partners, will handle business registration and process development. As a Binance representative noted, this partnership will be the first step to explore the possibilities of cryptocurrencies and blockchain in the country:
“Our goal is to work with the government, regulators and innovative companies to develop the cryptocurrency and blockchain ecosystem in Thailand.”
Recall that at the end of last year, Binance received the approval of the Central Bank of Bahrain. This will allow the exchange to operate as a virtual asset service provider in the kingdom.
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