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“The transformation in leadership at Tether underscores the company’s dedicated pursuit of exploring fresh avenues in the world of business operations,” the official statement from Tether conveyed.
Tether, the organization behind the world’s most substantial stablecoin in terms of market capitalization, is embarking on a change in the helm as it broadens its sphere of focus.
Come December 2023, Paolo Ardoino, who has capably held the role of Tether’s Chief Technology Officer since 2017, is poised to ascend to the mantle of CEO, as Tether officially announced on October 13th.
In this transition, Ardoino will step into the shoes of Jean-Louis van der Velde, who, while relinquishing his CEO position at Tether, will transition into an advisory role for the same organization’s sister company, Bitfinex. Intriguingly, Ardoino is slated to retain his dual responsibilities as Bitfinex’s Chief Technology Officer and Chief Strategy Officer for the Bitcoin layer-2 solution known as Holepunch.
Moreover, the spokesperson for Tether revealed that Ardoino will continue to oversee the technological domain of Tether, at least for the foreseeable future.
Tether, in a statement, declared that this shift in leadership underscores the company’s unwavering commitment to actively explore fresh business horizons, encompassing peer-to-peer communications, sustainable energy solutions, robust data storage systems, and venturing into the realm of Bitcoin mining.
Considering Ardoino’s instrumental role in spearheading Tether’s expansion strategy over the past few years, this transition should be perceived as a natural evolution, according to a representative from the organization.
The organization further elaborated that Ardoino’s selection as CEO is not merely coincidental but is informed by his substantial contributions beyond his organizational responsibilities. This includes his active involvement and comprehensive understanding of Holepunch, Bitcoin mining, hardware innovations, and the realm of artificial intelligence. Ardoino’s endeavors in amplifying liberty and nurturing innovation have also solidified his status as one of the most influential figures within the community, Tether emphasized.
“With Paolo at the helm, Tether will persist in its mission to bring accessible financial services to those in need, while concurrently reshaping the global financial landscape,” chimed in the Tether spokesperson. Adding to this, the spokesperson emphasized, “Paolo Ardoino envisions Tether as a technological juggernaut primed to revolutionize the industry and play a pivotal role in the development of resilient cities and nations. Tether’s overarching mission also encompasses extending the influence of the USD and Bitcoin in the sphere of global trade and exchange.”
As previously reported, Tether has been actively involved in the development of Bitcoin mining operations throughout 2023. This culminated in the launch of a mining operation in Uruguay in May, marking the beginning of the organization’s aggressive foray into the realm of Bitcoin mining. In August 2023, Tether introduced Tether BTC mining software, further enhancing its capacity for managing mining operations.
In the subsequent month, September 2023, Tether invested in the German crypto miner, Northern Data Group, a strategic move aimed at bolstering artificial intelligence initiatives.
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