Thai energy billionaire Sarath Ratanavadi recently pointed out that his company would buy cryptocurrencies to achieve higher earnings. Charles Hoskinson said the Ethereum Merge and the Cardano Vasil hard fork scheduled for September might coincide.
Sarath Ratanavadi, the CEO of Gulf Energy Development, plans to diversify his revenues by investing in crypto assets. He made that decision despite the overall drop in the market and the tough stance from Thai regulators.
Ratanavadi is the second-wealthiest citizen in Thailand, with a net worth of nearly USD12 billion. His company supplies electricity to countries like Thailand, Vietnam, and Oman.
Ratanavadi Buys Cryptocurrencies despite the Dominance of the Bears
The Thai billionaire recently pointed out that his company would invest in cryptocurrencies to increase its profits. He said that blockchain technology platforms and crypto assets would lead it to higher earnings.
Retail traders lowered their participation in cryptocurrency exchanges as the market came under the control of Thai authorities. That situation aroused a newfound interest from Ratanavadi in crypto assets.
Elon Musk and Sarath Ratanavadi are not the only entrepreneurs who have expressed curiosity about cryptocurrencies. Other examples include software development company MicroStrategy, technology conglomerate Block Inc., and the Chinese photography app development company.
Amid the drop in cryptocurrency prices, the number of active trading accounts went from 692,000 in January to 260,000 in July. Ratanavadi is working with Binance to obtain licenses to launch a cryptocurrency exchange in Thailand.
Meanwhile, Everyone Awaits the Cardano Vasil Hard Fork and the Ethereum Merge
The Ethereum Merge and the Cardano Vasil hard fork scheduled for September will occur in the next few weeks. Open source blockchain project Cardano aims to address global identity management issues through smart contracts and NFTs. According to CoinMarketCap, its native token ADA is the eighth most valuable cryptocurrency worldwide.
A quick update provided by Charles Hoskinson, the founder of Cardano, showed the status of the Vasil hard fork. That upgrade received its name from the recently deceased Cardano evangelist and mathematician Vasil Dabov.
According to Charles Hoskinson, That Will Be a Clash of Titans
Charles Hoskinson recently said that Cardano is still conducting thorough tests on the hard fork. He detailed its technical development and provided a list of issues that caught his attention.
Hard forks are events that occur when users of a network switch to a new software version at about the same time. Besides, they usually require less effort than soft forks and allow more time to upgrade their software gradually.
Hoskinson, one of the founders of Ethereum, announced that the hard fork would occur in September. The long-awaited Ethereum Merge scheduled for the 15th might coincide with the Cardano event.
After the top cryptocurrency exchanges upgraded their infrastructure, Hoskinson said Cardano would set a date for the hard fork. Besides, the Ethereum Merge aims to improve the second-largest blockchain network, changing its protocol to a proof-of-stake (PoS) consensus.
By Alexander Salazar
