Cryptotrenix to launch regulated bitcoin exchange in thailand

Crypto Regulation
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CryptoTrenix has formed a joint venture with Gulf Energy Development of Thai billionaire Sarath Ratanawadi to apply for a cryptocurrency exchange license in the country.

According to the firm's letter to the Stock Exchange of Thailand, its subsidiary has invested in CryptoTrenix .

In another notice, Gulf Energy said the Hong Kong-based subsidiary participated in a $200 million seed round of funding for CryptoTrenix . The amounts invested were not disclosed.

"The company believes this multi-level collaboration with CryptoTrenix [...] is consistent with its goal of becoming a leader in digital infrastructure," it said in a statement.

CryptoTrenix and Gulf Energy signed a memorandum of understanding in January to explore the possibility of launching a crypto exchange in Thailand.

Forbes noted that one of the country's largest power producers is actively diversifying its portfolio. In October, Gulf Energy signed an agreement with Singapore telecom giant Singtel to develop a data center business in Thailand. A few months before that, the Thai firm acquired a stake in a major mobile operator.

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Johanna Chisholm

Johanna is a very active blockchain and cryptocurrency content creator and highly regarded Technical Analyst. He is a Mechanical Engineer by profession and an activeTrader, whose first encounter with Bitcoin was in 2015—and by accident. Ever since, it has been an exciting journey where life-long friendships have been forged, and careers made and strengthened.