Tether Promotes CTO Paolo Ardoino to CEO Role
Tether, the stablecoin issuer, has announced the promotion of its long-time Chief Technology Officer (CTO), Paolo Ardoino, to the position of Chief Executive Officer (CEO). Ardoino will assume his new role in December, taking over from Jean-Louis van der Velde, who will transition to an advisory role. Van der Velde will continue as CEO of Bitfinex, a sister company of Tether. Meanwhile, Ardoino will retain his positions as CTO for Bitfinex and Chief Strategy Officer for Holepunch, a peer-to-peer applications building platform supported by Bitfinex, Tether, and Hypercore.
A spokesperson for Tether confirmed that Ardoino will also continue overseeing Tether’s technology department for the time being. Ardoino joined Bitfinex in 2014 and Tether in 2017.
Tether’s Vision for the Future
Tether aims to transform itself into a tech-centric organization that reshapes the future of finance beyond being a stablecoin issuer. The company envisions becoming an infrastructure partner in developing resilient cities. As part of this vision, Ardoino’s focus as CEO will include technological advancements, support for peer-to-peer projects, and participation in bitcoin mining initiatives. Tether also plans to collaborate with regulators to establish clearer guidelines and foster greater compliance within the cryptocurrency space.
Tether’s Expansion into P2P, Energy, and Bitcoin Mining
Over the past year, Tether has been exploring new business lines. In June 2022, its subsidiary Holepunch launched Keet, a peer-to-peer encrypted video-calling app. Tether and Bitfinex have invested approximately $10 million in building Holepunch and Keet, with a potential for further investments of $50 million to $100 million in the future for developing more P2P applications.
Tether has also entered the energy production and bitcoin mining space. In partnership with a local licensed company in Uruguay, Tether ventured into energy production and established a bitcoin mining farm in El Salvador through its support for Max Keiser’s startup, Volcano Energy. Tether Energy was unveiled as a platform to build renewable energy production and bitcoin mining sites globally.
Tether’s Future Plans
While Tether remains focused on the growth of its USDT stablecoin, it is expanding its horizons. Ardoino revealed that Tether will soon announce a new platform leveraging its experience in building financial technologies, with a focus on real-world assets. In the second quarter, Tether reported a net profit of $850 million, and its USDT stablecoin continues to be the largest in the market with a supply of nearly $83 billion tokens.
Hot Take: Tether’s Transformation into a Tech-Centric Organization
Tether’s decision to promote Paolo Ardoino to CEO reflects its ambition to become a technology-driven organization that goes beyond stablecoin issuance. With Ardoino at the helm, Tether aims to drive technological advancements, support peer-to-peer projects, and participate in bitcoin mining initiatives. Additionally, the company plans to collaborate with regulators for clearer guidelines and greater compliance in the crypto industry. Tether’s expansion into P2P applications, energy production, and bitcoin mining demonstrates its commitment to diversifying its offerings. As it looks toward the future, Tether intends to leverage its expertise in financial technologies and real-world assets to continue growing and shaping the future of finance.
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