Binance, the world-leading crypto exchange, has joined forces with one of Thailand’s most prominent power producers Gulf Energy Development to explore the possibilities of creating a digital trading platform for Southeast Asian countries.
On Monday, The company’s agreement with Binance responds to Thailand’s digital infrastructure’s “rapid growth” in the near future.
The two companies will look into the possibility of setting up an exchange for crypto and related businesses within Thailand, Gulf Energy said.
Binance said the partnership was a “first step” in exploring possibilities in Thailand. Binance’s spokesperson stated, “Our goal is to work with the government, regulators, and innovative companies to develop the crypto and blockchain ecosystem in Thailand.”
Gulf Energy, One of the biggest power producers in Thailand, has been expanding its portfolio by investing in renewable power, motorway projects, and telecoms.
Gulf Energy’s collaboration with Binance is the first time the company has entered the crypto market, which is a sign of the increasing popularity of crypto assets among the country’s people.
The rise of crypto has been attracting the interest of Thailand’s finance authorities, who have recently increased their scrutiny of the crypto market.
The nation’s central bank announced that it was planning regulations that would govern the use of cryptocurrency as a means of payment.
The move is believed to have been designed to limit the digital risk assets that could create financial stability and provide some protection to its investors.