Thai Billionaire Sarath Ratanavadi Forays Into Crypto Sector

How Crypto Wallets Work: 5 Important Key Things You Should Know
  • As per estimates, Ratanavadi is Thailands second-wealthiest citizen.
  • Ratanavadi is aggressively seeking licenses in order to launch a crypto exchange.

According to reports, Gulf Energy Development CEO Sarath Ratanavadi has pledged to diversify some of the firm’s income by investing in blockchain ecosystems. Despite the widespread market crash and the tough position taken by local watchdogs, the decision was made.

Furthermore, as per estimates, Ratanavadi is Thailand’s second-wealthiest citizen. His company provides electricity to countries. These include Thailand, Vietnam, and Oman. His net worth is close to $12 billion, according to the Bloomberg Billionaires Index.

Investment Despite Bears Dominance

According to reports, the Thai billionaire has indicated that his company is considering making crypto investments in order to increase profits. The total market has “high potential” for growth, and he is reported as claiming that Blockchain technology platforms and cryptocurrencies would be the major driving forces for the company’s strongest profits.

As the crypto market has come under the scrutiny of the local authorities, retail traders’ participation in local exchanges has decreased, prompting Ratanavadi’s newfound interest in cryptocurrency.

It’s important to note that Musk and Sarath Ratanavadi aren’t the only businesspeople on this list who have expressed curiosity about cryptocurrency. MicroStrategy, a software development firm; Block Inc., a technology conglomerate; Meitu, a Chinese photo app development firm; are all examples.

Thailand’s retail trader market is not exactly thriving right now. Coinciding with the collapse in cryptocurrency values, data shows that the number of active trading accounts dropped from 692,000 in January to 260,000 in July. According to reports, Ratanavadi is aggressively seeking licenses. This is in order to launch a cryptocurrency exchange in Thailand. In collaboration with the already-established cryptocurrency exchange Binance.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.