April 19, 2024
Tether Stablecoin Company Appoints CTO Paolo Ardoino as CEO
Latest Cryptocurrency News

Tether Stablecoin Company Appoints CTO Paolo Ardoino as CEO

Tether, the issuer of the world’s largest stablecoin by market capitalization, is making changes in its leadership as it seeks to diversify its areas of focus.

Tether announced on October 13 that Paolo Ardoino, who has served as the company’s Chief Technology Officer since 2017, will take on the role of CEO starting in December 2023. He will succeed Jean-Louis van der Velde, who will transition to an advisory role for Tether but will retain his position as CEO of Tether’s sister company, Bitfinex. Ardoino will also maintain his positions as Chief Technology Officer for Bitfinex and Chief Strategy Officer for the Bitcoin layer-2 solution Holepunch.

Tether confirmed that Ardoino will continue to oversee the technology department at Tether for the time being. This change in leadership, according to Tether, reflects the company’s commitment to actively exploring new business operations, including peer-to-peer communications, renewable energy, resilient data storage, and Bitcoin mining.

A Tether spokesperson noted that Ardoino has been at the forefront of Tether’s expansion strategy in recent years, making the transition a “natural progression.” Tether cited Ardoino’s substantial impact beyond his official roles, which include his involvement in various areas like Holepunch, Bitcoin mining, hardware, and artificial intelligence. His efforts to promote freedom and innovation have established him as one of the most influential figures in the community, as per Tether. The company stated that under Ardoino’s leadership, Tether will continue to work towards delivering financial services and reshaping the global finance landscape.

Tether envisions itself as a technology powerhouse that aims to revolutionize the industry and contribute to the development of resilient cities and countries. The company’s mission also involves expanding the influence of the USD and Bitcoin in global trade and exchange.

Tether has been actively involved in Bitcoin mining operations throughout 2023, including the launch of a mining operation in Uruguay in May. In August 2023, the company introduced Tether BTC mining software to enhance the management of mining capacity. Tether’s commitment to expansion is further evident through its investment in the German crypto miner Northern Data Group in September 2023 to support artificial intelligence initiatives.

Image by rawpixel.com on Freepik

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