GULF Stock Up 3.5%, Gulf Energy Eyes the Cryptocurrency and Blockchain Markets in Thailand
- Gulf Energy Development has a market capitalization of Thai Baht 583.72 billion and 11.73 billion shares outstanding.
- The company will be joining a growing list of Thailand companies exploring the cryptocurrency and blockchain industry in search of better investments.
- Due to the highly volatile nature, the Thailand Central Bank has in the past warned people not to use cryptocurrency for payments
Cryptocurrency and blockchain markets have gripped the people of Thailand for the past few years, and now the country’s second richest man, Sarath Ratanavadi, chief executive officer of Gulf Energy Development Pcl (Bangkok: GULF), said his company will boost investments in the industry. According to Ratanavadi, his company is diversifying earnings to maximize its profits.
“Digital assets and blockchain technology platforms will be the key drivers for the company’s strongest returns, and we aim to become the country’s market leader,” Ratanavadi recently said in an interview.
According to Ratanavadi, the recent crypto market downturns can be singled out, thereby leaving a booming cryptocurrency and blockchain industry.
The company’s stock market is up approximately 3.52 percent today, exchanging hands at Thai Baht 51.50. According to market data provided by MarketWatch, GULF shares are up approximately 34 percent in the past year and 12.57% YTD.
While the company has enjoyed a profitable past year, according to stock market performance, Ratanavadi thinks investing in the cryptocurrency and blockchain industry will secure its future growth prospects.
Moreover, other energy companies around the world have invested in the cryptocurrency mining industry, which is ostensibly profitable despite the downturns.
Worth noting, that Gulf Energy Development has a market capitalization of Thai Baht 583.72 billion and 11.73 billion shares outstanding. The company will be joining a growing list of Thailand companies exploring the cryptocurrency and blockchain industry in search of better investments.
Cryptocurrency Market Outlook in Thailand
According to onchain data, a growing number of young investors from Thailand are attracted to the cryptocurrency trading market. Due to its highly volatile nature, the Thailand Central Bank has in the past warned people not to use cryptocurrency for payments.
Following the cryptocurrency winter that has seen several companies struggle with liquidity, Thailand-based digital asset exchange Zipmex previously closed its operations. However, the cryptocurrency exchange has announced that its investors are willing to bail the company out.
Reportedly, Zipmex is considering offers from local and global investors, so that its operations can fully resume.
Thailand has been a major contributor to the growing cryptocurrency industry led by Bitkub, a legally registered company, with a registered capital of 290 million baht. Founded back in 2018, Bitkub has attracted major investors including the richest female investor in Thailand, Supaluck Umpujh.
The country is well positioned to foster cryptocurrency and blockchain adoption in the greater Asian region. Thereby making major investors like Ratanavadi focus on cryptocurrency mining and other blockchain-related projects.
As of June 2022, Bitcoin took the highest market share of the most traded cryptocurrencies in Thailand, which accounted for 11.83 percent of the entire market. Other leading traded cryptocurrencies in Thailand were Tether and Ethereum.