According to the corporation, Tether’s dedication to actively exploring new business operations is reflected in the shift in leadership. Tether, the stablecoin issuer with the greatest market value in the world, is changing its CEO in an effort to broaden its areas of concentration.
As of October 13, Tether announced that Paolo Ardoino, who has been the company’s chief technical officer since 2017, will take over as CEO of the company in December 2023.
Jean-Louis van der Velde, who will continue to serve as CEO of Tether’s sister business Bitfinex while assuming an advising role for the company, will be replaced by Ardoino. layer 2 solution Ardoino will remain in his positions as chief strategy officer for Bitcoin and CTO for Bitfinex.
Additionally, according to a Tether representative, Ardoino will “continue to oversee the technology department for the time being.”
According to Tether, the company’s dedication to actively investigating new business ventures, such as peer-to-peer communications, renewable energy, robust data storage, and Bitcoin mining, is reflected in the leadership transition.
Since Ardoino has been in charge of Tether’s expansion strategy for the past several years, the change should be viewed as a “natural progression,” according to a company spokeswoman.
The company said that because of Ardoino’s considerable influence outside of his positions within the company, such as his knowledge of hardware, artificial intelligence, Holepunch, Bitcoin mining, and hardware, he is the best candidate to lead Tether as CEO. Tether pointed out that Ardoino’s initiatives to promote innovation and increase freedom have also made the executive one of the most powerful people in the community.
“Tether will keep working to provide financial services to those in need, changing the landscape of global finance under Paolo’s leadership,” a Tether representative stated.
“Paolo [Ardoino] sees Tether as a tech giant ready to transform the market and work with infrastructure providers to build resilient nations and towns. The goal of Tether is to increase the USD’s and Bitcoin’s sway over international trade and exchange.
As was previously mentioned, Tether has been actively creating mining operations for Bitcoin in 2023. In May, the company opened a mine in Uruguay. The company has persisted in its aggressive foray into the Bitcoin mining market, and in August 2023 it will introduce Tether BTC mining software to improve capacity management.
In an effort to support artificial intelligence projects, Tether invested in German cryptocurrency miner Northern Data Group in September 2023.