DV8 Public Company Limited, a listed company on the stock market in Thailand, seeking to reinvent itself as Bitcoin cash company, appointed the Thai business magnate Chatchaval Jiaravanon as a new president, according to a press release of July 11 shared with Cryptoslate.
Jiaravanon, the best known internationally for the acquisition of Fortune magazine in 2018, is part of the family of the Charoen Pokphand Influential group in Thailand.
DV8 leadership change
His appointment comes in the middle of a wider leadership overhaul to align the company on the emerging crypto-native financial models.
Under its leadership, the company plans to adopt Bitcoin centered cash practices and to invest in DEFI, the innovation of corporate governance and the digital new generation infrastructure.
DV8 has also revealed ambitions to build a digital banking system integrated into the crypto which supports long-term financial inclusion and innovation through Southeast Asia.
Meanwhile, Jiaravanon will direct a board of directors of 11 members including key figures from traditional finance and the web 3 ecosystem.
The new members of the Board of Directors include Vichate Tantiwanich, Natavudh Pungcharoengong, John Riggins, Samuel Coyn Mateer, Henry Elder and Jason Fang. The group combines deep local trade knowledge with international experience in the management of cryptographic assets and the development of blockchain.
This leadership revises the DV8 overhaul to become a major player in the digital asset strategy and the crypto-financial infrastructure.
In particular, Jiaravanon provides relevant experience thanks to its startup blockchain Lightnet, which was launched in 2020 to use the technology of the large book distributed to provide low-cost payment services for communities of sub-banking migrants in Southeast Asia.
Meanwhile, leadership changes follow the recent DV8 acquisition by a strategic consortium which includes several investment groups in eminent crypto. Investors include Utxo Management, Sora Ventures, Kliff Capital, Moon Inc., Asitrategy and Mythos Group.
In particular, all the investors involved in the agreement have agreed from a 12 -month locking period. Market observers have described this decision as a strong vote of trust in the new DV8 management and the broader Thai cryptography market.
Fang, founder of Sora Ventures, expressed his excitement as to the potential of Thailand in the crypto and deffi space, declaring:
“Thailand at a given time had the 4th largest user deffi in the world. It’s a hidden gem, and now we will unlock it together. ”
