BANGKOK, April 3 (Bloomberg): Rather than follow in his family’s footsteps, Chatchaval Jiaravanon (pic), a member of Thailand’s richest clan, likes to strike out on his own. After trying wind farms, credit cards and buying Fortune magazine, his latest venture marries blockchain with finance.
He invested about US$10 million in 2018 to create Lightnet, a remittance service that uses a decentralized blockchain system to transfer money to a different country within a day, he said. With traditional banks, which still rely on the Swift network that’s been around for almost half a century, it takes two to three days.
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