It is also a cool tool for energy firm to branch into decentralised finance
SAAM Development, a SET-listed renewable energy developer, is moving into the digital asset business with a US$2.37-million investment in FWX, a leading decentralised finance (DeFi) platform.
The move comes after SAAM director Poramin Insom, a nance at Thailand’s blockchain scene, said SAAM was on its way to the era of blockchain finance.
He is the founder of Satang, Thailand’s first regulated crypto exchange that has been acquired by Kasikornbank, and Firo, a privacy-focused blockchain protocol, and has deep experience to lead SAAM’s digital asset strategy.
“With FWX’s permissionless leverage trading infrastructure, SAAM is taking a bold move into the digital asset market by anchoring the foundation of the protocol on liquidity provision for on-chain finance,” Mr Poramin said.
This partnership aligns with SAAM; s long-term strategy to incorporate blockchain technology into its business model, firmly sustaining its operations in Thailand; s new, developing Web3 ecosystem, the next generation of internet powered by blockchain technology.
Sit on FWX for institutional-grade trading tools, deep liquidity, and smooth leverage market access. According to Mr Poramin, FWX is streamlining the process of decentralised trading and increasing the uptake of institutional-grade DeFi products with the forthcoming release of FWX AI, an automated, AI-based hedge fund.
KXVC, Beacon VC, Finnovate, GBV Capital, Avalanche Blizzard Fund, Kyber Ventures and Varys Capital are amongFWX’s prominent investors.
“This partnership goes beyond investment, but instead is a strategic alignment that allows SAAM to proactively develop its position within the digital asset space,” he stated.
Mr Poramin said: “Through development and knowledge sharing, SAAM is strengthening its position as a key player in Thailand’s blockchain economy and surging Bitcoin adoption on a global scale.
“The move to digital assets is hastening in Thailand, and SAAM is at the leading edge of this change. “With visionary approach and its investment strategy, the company has transformed to become the convergence between classical capital and future digital finance and secured its foothold to drive the future of Thailand digital asset revolution,” he said.
SAAM has a diversified portfolio of solar, wind, hydro, biomass and geothermal energy development. Mr Poramin said the move into digital assets fits with the company’s approach to innovation, sustainability and emerging financial technologies.