Tether stablecoin issuer, in its quest to expand into new areas, has appointed its chief technology officer (CTO), Paolo Ardoino, as the new CEO of the company.
Tether announced on Oct. 13 that Paolo Ardoino, who has served as Tether’s chief technology officer since 2017, will become the company’s new CEO in December 2023.
Jean-Louis van der Velde will transition to an advisory role for Tether while retaining his position as CEO of Tether’s subsidiary company, Bitfinex. Ardoino will continue to serve as the chief technology officer of Bitfinex and the chief strategy officer of the Bitcoin layer 2 solution Holepunch.
According to a company spokesperson, Ardoino will “continue to oversee the technology department for the time being” at Tether.
According to Tether, the shift in leadership reflects the company’s dedication to actively exploring new business operations, such as peer-to-peer communications, renewable energy, resilient data storage, and Bitcoin mining.
As Ardoino has led Tether’s expansion strategy for the past few years, a representative for the company said that the transition is a “natural progression.”
According to the company, Ardoino is the ideal candidate for Tether’s CEO due to his significant impact outside his organizational responsibilities, such as his involvement with Holepunch, Bitcoin mining, hardware, and artificial intelligence.
Tether noted that Ardoino’s efforts to promote freedom and innovation have established him as one of the most influential figures in the community.
“Under Paolo’s leadership, Tether will continue to work towards delivering financial services to those in need, reshaping the landscape of global finance,” a Tether spokesperson stated, adding:
“Paolo [Ardoino] envisions Tether as a tech powerhouse poised to revolutionize the industry and serve as an infrastructure partner in the development of resilient cities and countries. Tether’s mission also includes expanding the influence of the USD and Bitcoin in global trade and exchange […]”
As previously reported, Tether has been actively developing Bitcoin mining operations in 2023, commencing a mining operation in Uruguay in May. The company has continued its aggressive entry into the Bitcoin mining industry, releasing Tether BTC mining software in August 2023 to improve the administration of mining capacity.
Tether invested in German crypto miner Northern Data Group in September 2023 to support artificial intelligence initiatives.
