- As per estimates, Rattanavady is the second richest citizen of Thailand.
- Ratanavady is aggressively seeking licenses in order to launch a cryptocurrency exchange.
Based on the reports, Gulf Energy Development Executive Director Sarath Rattanavady She pledged to diversify some of the company’s income by investing in blockchain ecosystems. Despite the widespread market crash and the strict stance taken by local regulators, the decision was made.
Moreover, according to estimates, Rattanavady is the second richest citizen of Thailand. 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.
Investing despite the bears’ dominance
According to reports, the Thai billionaire has indicated that his company is considering making investments in cryptocurrencies in order to increase profits. The overall market has “high potential” for growth, and it is said that it claims that Blockchain technology platforms and cryptocurrencies will be the main driving forces for the company’s strongest earnings.
As the cryptocurrency market is under the supervision of local authorities, the participation of retailers in local exchanges has decreased, which has led to Ratanavady’s new interest in cryptocurrency.
It is important to note that Musk and Sarath Ratanavadi are not the only entrepreneurs on this list who have expressed curiosity about cryptocurrency. MicroStrategy, a software development company; Block Inc. technology conglomerate; Meitu, a Chinese photo app development company; All are examples.
The retail market in Thailand is not entirely booming at the moment. Coinciding with the collapse in cryptocurrency values, data shows that the number of active trading accounts fell from 692,000 in January to 260,000 in July. According to reports, Ratanavady is aggressively seeking licenses. This is in order to launch a cryptocurrency exchange in Thailand. In association with the already established cryptocurrency exchange Binance.
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