Binance cooperates with Thai billionaire to set up a crypto exchange

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Binance cooperates with Thai billionaire to set up a crypto exchange

Binance has just partnered with Gulf Innova Company to set up a cryptocurrency exchange. Gulf Innova is wholly owned by Gulf Energy Development Joint Stock Company of Thai billionaire Sarath Ratanavadi.

“Our goal is to work with the government, regulators, and innovative companies to develop the cryptocurrency and blockchain ecosystem in Thailand,” said a Binance spokesperson. And the first step is to explore opportunities openly and collaboratively.”

Gulf Energy announced the news in a letter to the Stock Exchange of Thailand on January 17, stating that the rapid growth of digital infrastructure in Thailand and the partnership with Binance will help develop this system.

Gulf Energy founded Gulf Innova last month to enter the digital infrastructure space. At the time, the company said it would jointly invest and combine each other’s expertise to build the foundation of the future. Gulf Energy will create a business with the local network of companies, and Binance will bring the exchange technology.

The Thai energy company was diversifying into new areas and became a significant Intouch Holdings PCL. This is the owner of the largest mobile phone operator in the country – Advanced Info Service PCL

Binance burned over 1.68 million BNB in ​​the last batch

Binance cooperates with Thai billionaire to set up a crypto exchange

Cryptocurrency exchange Binance announced on January 17 that it burned more than 1.68 million BNB in ​​its 18th burn. The burned coins are worth nearly $800 million at current prices, but The actual USD value in this burn is not known as Binance has just introduced a new system for dumping.

Last month, Binance burned BNB in ​​each quarter based on sales for the same period. But this exchange has just launched a new calculation method, called BNB Auto-Burn. This new method will burn BNB coins daily based on the BNB price and the number of blocks generated during the quarter. The BNB Auto-Burn system will consider the following operations:

B = (N x 1000)/(P+K)

Where B is the amount of BNB that will be destroyed. N is the total number of blocks created on the Binance Smart Chain during the quarter. P is the average price of BNB in ​​USD, and K is a constant value, acting as an anchor, defaults to $1,000.

Binance started burning BNB in ​​2017 after the coin’s launch. At the time, Binance committed to igniting 100 million BNB, or 50% of the total supply. To date, Binance has canceled nearly 35 million BNB, according to The Block.

Read more: Binance

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