Tether stablecoin firm appoints CTO Paolo Ardoino as CEO

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Tether, the issuer of the world’s largest stablecoin by market capitalization, is changing its CEO as the corporate works to broaden its areas of focus.

Paolo Ardoino, who has been serving as Tether’s chief know-how officer since 2017, will change into the brand new CEO of the agency in December 2023, Tether introduced on Oct. 13.

Ardoino will exchange Jean-Louis van der Velde, who will transition to an advisory position for Tether whereas retaining his place as CEO of Tether’s sister firm Bitfinex. Ardoino will proceed in his roles as CTO for Bitfinex and chief technique officer for the Bitcoin (BTC) layer 2 answer Holepunch.

Ardoino can even “proceed to supervise the know-how division in the meanwhile” at Tether, a spokesperson for the agency informed Cointelegraph.

Tether mentioned the change in management displays the corporate’s dedication to actively exploring new enterprise operations, together with peer-to-peer communications, renewable power, resilient knowledge storage and Bitcoin mining.

As Ardoino has been main Tether’s enlargement technique during the last couple of years, the transition needs to be seen as a “pure development,” a consultant of the agency informed Cointelegraph.

The agency mentioned Ardoino is the perfect selection for Tether’s CEO attributable to his vital affect past his organizational roles, together with his involvement and understanding of Holepunch, Bitcoin mining, {hardware} and synthetic intelligence. Ardoino’s efforts towards enhancing freedom and fostering innovation have additionally established the exec as one of the influential figures locally, Tether famous.

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“Below Paolo’s management, Tether will proceed to work in the direction of delivering monetary companies to these in want, reshaping the panorama of worldwide finance,” the Tether spokesperson mentioned, including:

“Paolo [Ardoino] envisions Tether as a tech powerhouse poised to revolutionize the trade and function an infrastructure associate within the improvement of resilient cities and nations. Tether’s mission additionally consists of increasing the affect of the USD and Bitcoin in international commerce and alternate […]”

As beforehand reported, Tether has been actively growing Bitcoin mining operations in 2023, launching a mining operation in Uruguay in Could. The agency has continued its aggressive entry into the Bitcoin mining trade, introducing Tether BTC mining software to boost the administration of mining capability in August 2023.

In September 2023, Tether invested in German crypto miner Northern Data Group in a transfer backing synthetic intelligence initiatives.

Journal: Unstablecoins: Depegging, bank runs and other risks loom