As a crypto investor with a keen interest in the market trends and strategic moves by key players, I’m excited to see Sarath Ratanavadi, Thailand’s second-richest person and the energy billionaire behind Gulf Energy, expanding his presence into data centers. This move is strategically positioned to capitalize on the booming market driven by increasing demand for cloud computing and artificial intelligence.
Wealthy Thai energy tycoon Sarath Ratanavadi, the country’s second-wealthiest individual, is ramping up his efforts to enter the data center sector. His objective is to profit from the burgeoning market fueled by the surging need for cloud computing and artificial intelligence. This venture builds on Gulf Energy’s earlier success in digital assets with Gulf Binance Co., a partnership between Gulf Energy and a Binance subsidiary.
Strategic Expansion into Data Centers and Market Outlook
In January 2023, Gulf Innova Co. Ltd collaborated with a subsidiary of Binance to establish Gulf Binance Co. This new company introduced Binance TH in May 2023, which was open to the public following the acquisition of required licenses and approvals from Thailand’s Ministry of Finance. Leveraging this achievement, Gulf Energy Development Pcl and its associates are planning to invest an extra 10 billion baht ($271 million) to broaden their data center infrastructure situated near Bangkok.
The center’s energy consumption is set to be increased twofold, reaching a capacity of 50 megawatts, with a projected completion date in March. Yupapin Wangviwat, Gulf Energy’s CFO, disclosed these plans, emphasizing the company’s intent to broaden its scope into virtual banking, cryptocurrency trading, and other technology sectors.
In Thailand, the electricity sector is confronted with surplus generation capacity. However, Sarath Ratanavadi underscores the imminent rise in demand for data center services, fueled by heightened adoption of artificial intelligence and cloud computing requirements. This development coincides with broader regional tendencies, as international tech firms significantly boost their investments in cloud computing and AI solutions throughout Southeast Asia.
Binance TH’s Market Expansion
Gulf Binance’s branch on the Binance TH platform is broadening its selection of tradable assets. On June 8th, the exchange disclosed intentions to introduce ten fresh cryptocurrencies into its trading roster, featuring pairs like LUNA/USDT, LUNC/USDT, and USTC/USDT. This expansion is aimed at boosting user interaction and caters to the escalating interest in these tokens among local clientele.
Binance TH is broadening its scope to accommodate existing tokens on emerging networks like Ethereum on Base, Arbitrum, and Optimism, as well as USDT on various other platforms. Trading for these new token pairs will commence on June 11, 2024, at 2:00 PM local time. This expansion occurs in conjunction with notable market occurrences, such as the anticipated resolution between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs.
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2024-06-27 13:37