Gulf Energy finalises Binance.US investment

SET-listed Gulf Energy Development, Thailand’s biggest private power producer by market value, has concluded a deal to invest in a digital asset exchange service of the US-based Binance.US through seed funding of an unspecified amount as it continues to grow its digital technology business.

The company invested in series seed preferred stocks issued by BAM Trading Services Inc, the operator of a regulated digital asset exchange under Binance.US in the US.

The value of the investment, made through Gulf’s subsidiary Gulf International Investment (Hong Kong), was not disclosed.

Established in 2019, Binance.US is licenced to operate in 45 states and seven territories, with services scheduled to be available across the country by the end of 2022.

Binance.US will use the proceeds from the seed funding to expand headcount, support the return of investment-based…