Binance has just closed a deal to create a joint venture with Gulf Energy Development, owned by Thai billionaire Sarath Rathanawady, who plans to apply for a cryptocurrency exchange license in the country.

According to the letter sent by the company to the Stock Exchange of Thailand, its subsidiary has invested in BNB tokens.

In another notice, Gulf Energy has announced that its Hong Kong subsidiary has participated in a seed funding round in which Binance US has raised $200 million. However, Gulf Energy has not reported how much it has invested in the exchange.

OFFICIAL: @Binance and Gulf Energy Development partner to establish a crypto exchange in Thailand pic.twitter.com/UkZq20OhY7

— Blockworks (@Blockworks_) April 19, 2022

The company’s intention to become a leader in digital currency exchange in the country is evident in the press release:

“The company believes that this multi-tiered collaboration with Binance aligns with its goal of becoming a leader in digital infrastructure.”

Binance and Gulf Energy have signed this memorandum of understanding in January to explore the possibility of launching a cryptocurrency exchange in Thailand.

-Thailand News (TN)