Gulf Energy Invests in Binance.US as Both Aim to Float a Crypto Exchange
In a letter addressed to the president of the Stock Exchange of Thailand, the country's power generation firm Gulf Energy Development Public Company Limited unveiled its investment in Binance.US through its Hong Kong-based subsidiary, Gulf International Investment Limited.
The investment was made following the issuance of Series Seed Preferred Stock by BAM Trading Services Inc, the startup operating the Binance.US platform. The strategic investment size was not disclosed, but the partners were very clear on the way in which the funds will be utilized to achieve both the firm’s long-term visions.
“Binance.US will use the proceeds from the seed funding to expand headcount, launch ROI based marketing efforts, expand its product portfolio and make potential future acquisitions before its planned initial public offering (IPO) in 2-3 years. As such, the investment in Binance.US not only provides an opportunity for the Company to participate in one of the fastest user scale-up exchanges in the world but also realizes potential higher investment value post-Binance.US’ IPO,” the announcement reads.
In a separate notice, Gulf Energy also unveiled the acquisition of BNB Tokens as a means to gain access to the Binance ecosystem.
As the highlight of the dual announcement shared on Monday, both firms unveiled the plans to float a Joint Venture with the goal of launching a crypto exchange. The plan is slated to be actualized by the second quarter of the year, and both are notably ready to pursue relevant licenses in a bid to operate under the confines of the law.
“The company believes that this multi-level cooperation with Binance, which is the global leader in blockchain infrastructure technology, is aligned with the Company’s target to be the leader in digital infrastructure while providing further opportunities for the Company to expand into other digital asset-related initiatives in the future,” the Gulf Energy filing detailed.
The Gulf Energy backing comes following the $200 million funding round that positioned the firm at a price valuation of $4.5 billion.
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Binance.US Tops its Valuation to $4.5b Stirred by $200m in Seed Raise