In its recent piece, Bloomberg has reported that the chief executive of Gulf Energy Development Pcl, Sarath Ratanavadi, intends not only to stick to his plans to invest into the crypto sphere but also to boost those investments.
He has been planning that despite the current hard times for crypto funds in the country because of regulators.
Investing in crypto industry despite regulators' tight supervision
Ratanavadi told Bloomberg that his company plans to diversifyits income sources despite the current scrutiny of local regulators in Thailand at the moment in the sphere of fintech.
Gulf Energy is based in Bangkok and currently seeks to secure licenses with Binanance, according to the CEO. Sarath Ratanavadi is the second wealthiest person in Thailand, and data from Bloomberg Index shows that his net worth of $11.9 billion can be compared to that of Jerry Jones (who owns Dallas Cowboys and is an oil magnate).
Ratanavadi stated that he expects DLT platforms to become the main sources of the company's income in the near future, and he wants to make Gulf Energy the market leader in this sphere. He believes that despite the recent individual cases investigated by the regulators, the industry overall remains "sound and having half potential."
Thai crypto platforms see decline in profits
Presently, multiple crypto-related platforms in Thailand are facing hard times and massive losses in returns. Besides, after Celsius Network and Three Arrows Capital have gone bankrupt, the local SEC (Securities and Exchange Commission) decided to give more protection to retail investors and improve current crypto regulations.
Several large crypto traders in Thailand have seen substantial declines in income, customers and trading turnovers. The flagship crypto currency, Bitcoin, has faced a massive fall to slightly above $21,000, and Ethereum is trading below the $1,700 level. This is impacting the whole crypto market negatively, bringing consequent declines in trading volumes, investments and profits.
As reported by U.Today earlier, one of the founders of the failed Three Arrows Capital fund, Su Zhu, could be facing a prison sentence. In summer, the court proved that the bankrupt hedge fund owes approximately $3.5 billion to several companies who invested in it.
Alex Dovbnya
Godfrey Benjamin
Denys Serhiichuk