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Thailand’s power company invested in Binance

Thailand’s Gulf Energy has invested in Binance, one of the major crypto exchanges, through its Hong Kong subsidiary. The company has given this information in a filing to the Stock Exchange of Thailand. It has invested in Series Seed Preferred Stock issued by Binance’s operator BAM Trading Services.

of filing according“ Binance will use this fund to increase staffing, launch ROI-based marketing efforts, expand its product portfolio, and acquire acquisitions. Binance plans to have an IPO in two to three years. Investment in Binance will help the company By participating in the business of a fast growing exchange, its IPO will provide an opportunity to increase the value of the investment.” In addition to investing in Binance, Gulf Energy has also bought a large amount of BNB tokens. Both the firms are looking to form a joint venture under which a new crypto trading platform will be launched.

Gulf Energy’s partnership with Binance follows several of its plans for a major transformation in digital transformation. This will help Gulf Energy to venture into other digital ventures in the coming years. Recently Binance received the necessary approvals in Abu Dhabi to operate as a broker and dealer of digital assets including cryptocurrencies. Binance has three regions of the United Arab Emirates (UAE) to offer services License is present. The other regions are Dubai and Bahrain. The Financial Services Regulatory Authority (ADGM) of Abu Dhabi has granted the permit to the exchange.

In addition, Binance will also help build a blockchain technology hub at the Dubai World Trade Center (DWTC). Binance’s utility token Binance Coin (BNB) is used to pay transaction fees on Binance Smart Chain (BSC). This coin was created with the goal of creating a decentralized finance-based (DeFi) ecosystem. With this coin, users can pay transaction and trading fees at a lower rate than other tokens. Binance is also facing some difficulties. It needs to deal with legal problems in countries like Italy, Japan, Malaysia, Singapore, South Africa, Thailand and the US.

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