In the ranking of cryptocurrency exchanges by trading volume, Binance ranks first. Despite the company’s problems in some countries, it continues to gain a foothold in new markets.
Thai billionaire Saratha Ratanawadi’s Gulf Energy Development PCL will partner with Binance. The parties plan to launch a bitcoin platform in Thailand. The country is seen by Changpeng Zhao’s company as one of the most promising markets.
Thailand’s economy was hit hard during the pandemic. Experts believe that the launch of the crypto exchange will create conditions for the inflow of capital to the local market. As Bloomberg specifies, the new trading platform will focus not only on retail traders, but also on institutional capital.
Over the past few years, Binance has been working hard to gain a foothold in several markets at once.
A spokesperson for the exchange emphasized:
“We support the growth of the blockchain industry around the world and are constantly exploring opportunities to expand business in different countries”.
I do not know how this will impact Thailand’s economy in the short term, but in the long term this event should prove to be a good one.
We will see if Binance can hold its own in this market or sell out under regulators as it did recently with other countries.