CTO Paolo Ardoino to Become Tether's CEO in Leadership Revamp, Company Eyes Expansion
Summary:
Tether, the global issuer of the largest stablecoin, is all set for a leadership change as it seeks to expand its focus. Current CTO Paolo Ardoino is expected to succeed current CEO Jean-Louis van der Velde in December 2023. While Van der Velde will continue guiding Tether in an advisory role and remain Bitfinex's CEO, Ardoino will carry on as Bitfinex’s CTO and the chief strategy officer for the Bitcoin layer 2 solution, Holepunch. The transition reflects Tether's commitment to explore new business areas including renewable energy, peer-to-peer interactions, and Bitcoin mining.
Tether, the issuer of the largest stablecoin by market capitalisation globally, is going to see a change in its CEO as the firm seeks to broaden its focus areas. Paolo Ardoino, who has assumed the role of chief technology officer since 2017 for Tether, will ascend to the position of Tether’s CEO come December 2023, a statement from Tether revealed on October 13. Ardoino is set to take over from Jean-Louis van der Velde, who will transition into an advisory capacity at Tether, while continuing to retain his seat as CEO of Tether’s sibling firm, Bitfinex. Despite his new role, Ardoino will carry on as Bitfinex’s CTO and the chief strategy officer for Bitcoin layer 2 solution, Holepunch, while also overseeing technology divisions at Tether, according to a spokesperson for the company.
The shift in leadership, as Tether suggests, mirrors the company’s commitment towards venturing into new areas of operation, such as peer-to-peer interactions, sustainable energy, secure data storage and Bitcoin mining. Given Ardoino's instrumental role in developing Tether’s expansion plan over past years, the change of the guard should be observed as a “natural evolution,” a spokesperson from the firm informed Cointelegraph.
Tether articulated that Ardoino’s profound impact in roles beyond his organization and his involvement in, and understanding of, Holepunch, Bitcoin mining, hardware, and AI technologies make him the ideal candidate for the CEO’s post. Ardoino’s drive to enhance freedom and promote innovation have also venerated him as a prominent figure in the sphere, Tether underscored.
A representative of Tether shared, “Paolo’s vision for Tether is that of a technological giant set to rejuvenate the industry and feature as a key infrastructure partner in the growth of resilient cities and nations.” They further stated, “Paolo's leadership will enable Tether to persist its efforts in offering financial services to those in need and remodelling the atlas of global finance. Tether also plans to extend the impact of the USD and Bitcoin on global trade and exchanges.”
Previously, Tether was reported to have kickstarted Bitcoin mining operations in 2023 with a mining launch in Uruguay in May. The firm has stayed on an aggressive path into the Bitcoin mining industry, introducing Tether BTC mining software to streamline mining capacity management in August 2023. Additionally, in September 2023, Tether invested in the German crypto miner, Northern Data Group, as a vote of confidence in artificial intelligence ventures.
Published At
10/13/2023 12:00:00 PM
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