Fortune Magazine owner to lead Thai firm’s pivot into Bitcoin and DeFi banking

DV8 Public Company Limited, a publicly listed firm in Thailand looking to reinvent itself as a Bitcoin Treasury firm, has appointed Thai business magnate Chatchaval Jiaravanon as its new Chairman, according to a July 11 statement shared with CryptoSlate.

Jiaravanon, best known internationally for acquiring Fortune Magazine in 2018, is part of Thailand’s influential Charoen Pokphand Group family.

DV8’s leadership change

His appointment comes amid a broader leadership revamp at DV8 to align the company with emerging crypto-native financial models.

Under his guidance, the firm plans to adopt Bitcoin-centric treasury practices and invest in DeFi, corporate governance innovation, and next-generation digital infrastructure.

DV8 also revealed ambitions to build a crypto-integrated digital banking system that supports long-term financial inclusion and innovation across Southeast Asia.

Meanwhile, Jiaravanon will lead an 11-member board comprising key figures from traditional finance and the Web3 ecosystem.

The new board members include Vichate Tantiwanich, Natavudh Pungcharoenpong, John Riggins, Samuel Coyn Mateer, Henry Elder, and Jason Fang. The group combines deep local business knowledge with international experience in crypto asset management and blockchain development.

This leadership overhaul positions DV8 to become a major player in digital asset strategy and crypto-financial infrastructure.

Notably, Jiaravanon brings relevant experience through his blockchain startup Lightnet, which launched in 2020 to use distributed ledger technology to provide low-cost remittance services for underbanked migrant communities in Southeast Asia.

Meanwhile, the leadership changes follow DV8’s recent acquisition by a strategic consortium that includes several prominent crypto investment groups. The investors include UTXO Management, Sora Ventures, Kliff Capital, Moon Inc., AsiaStrategy, and Mythos Group.

Notably, all the investors involved in the deal have agreed to a 12-month lock-up period. Market observers have described this move as a strong vote of confidence in DV8’s new direction and the broader Thai crypto market.

Fang, founder of Sora Ventures, expressed excitement about Thailand’s potential in the crypto and DeFi space, stating:

“Thailand at one point had the 4th largest DeFi users in the world. It’s a hidden gem, and now we’ll unlock it together.”

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