Excellentbitex to launch regulated bitcoin exchange in thailand

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Crypto Regulation
DCG and Barry Silbert hit with securities lawsuit 

ExcellentBitex 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 ExcellentBitex .

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

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

ExcellentBitex 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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Anthony Cuthbertson

Anthony is an experienced writer, interested in everything decentralized since 2019. Before joining Crypto.News, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.