Energy billionaire Sarath Ratanavadi, Thailand’s second-richest person, is accelerating his push into data centers. This move aims to capitalize on the booming market driven by increasing demand for cloud computing and artificial intelligence. The expansion follows Gulf Energy’s successful venture into digital assets through Gulf Binance Co., a joint venture with a Binance subsidiary.

Strategic Expansion into Data Centers and Market Outlook

In January, Gulf Innova Co. Ltd. partnered with a Binance subsidiary to form Gulf Binance Co., which launched Binance TH. This platform became accessible to the public after securing necessary licenses and approvals from Thailand’s Ministry of Finance in May 2023. Building on this success, Gulf Energy Development Pcl and its partners are now investing an additional 10 billion baht ($271 million) to expand their data center facility near Bangkok.

This expansion will double the center’s energy consumption to 50 megawatts, with completion expected in March. Gulf Energy’s Chief Financial Officer, Yupapin Wangviwat, announced these plans, highlighting the company’s strategy to diversify into virtual banking, cryptocurrency trading, and other technology businesses.

This move comes as electricity generation in Thailand faces excess capacity. Sarath Ratanavadi emphasized the expected surge in demand for data center services, driven by increased AI adoption and cloud computing needs. The expansion aligns with regional trends, as global tech companies invest heavily in cloud computing and AI services across Southeast Asia.

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Binance TH’s Market Expansion

Binance TH, operated by Gulf Binance is expanding its offerings. On June 8, the exchange announced plans to add ten new cryptocurrencies to its trading pairs, including LUNA/USDT, LUNC/USDT, and USTC/USDT. This move aims to increase user engagement and responds to growing demand for these tokens among domestic users.

Additionally, Binance TH is extending support for existing tokens on new networks, such as ETH on Base, Arbitrum, and Optimism, and USDT on various chains. Trading for these new pairs is set to begin on June 11, 2024, at 2:00 PM local time. This expansion coincides with significant market events, including an anticipated settlement between the U.S. Securities and Exchange Commission (SEC) and Terraform Labs.

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The post Gulf Energy Taps Into AI With $271M For Data Centers After Binance TH appeared first on CoinGape.

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