Leadership Change at Tether: Paolo Ardoino Takes Over as CEO from CTO Role

Crypto News- Tether, the issuer of the world’s largest stablecoin by market capitalization, is undergoing a change in leadership as it seeks to broaden its horizons. According to Tether’s announcement on October 13th, Paolo Ardoino, who has served as the company’s Chief Technology Officer since 2017, will assume the role of CEO in December 2023.

Leadership Change at Tether: Paolo Ardoino Takes Over as CEO from CTO Role

This transition marks the departure of Jean-Louis van der Velde, who will transition to an advisory role at Tether while retaining his position as CEO of Tether’s sister company, Bitfinex. Importantly, Ardoino will continue to hold the positions of Chief Technology Officer at Bitfinex and Chief Strategy Officer for Holepunch, a Bitcoin layer-2 solution.

Tether has confirmed that Ardoino will also retain oversight of the technology department at Tether, at least for the time being.

The leadership change at Tether is driven by the company’s commitment to actively explore new business opportunities, including ventures into peer-to-peer communications, renewable energy, resilient data storage, and Bitcoin mining.

Ardoino’s elevation to the role of CEO is a natural progression, given his instrumental role in steering Tether’s expansion strategy. His significant contributions extend beyond his organizational roles and include deep involvement in projects such as Holepunch, Bitcoin mining, hardware, and artificial intelligence. Ardoino’s dedication to advancing freedom and fostering innovation has solidified his position as one of the most influential figures in the community, according to Tether.

As previously reported, Tether has been actively involved in the Bitcoin mining sector in 2023, including launching a mining operation in Uruguay in May. In August 2023, the company introduced Tether BTC mining software to enhance the management of mining capacity. Furthermore, in September 2023, Tether made an investment in the German crypto mining company Northern Data Group, supporting their initiatives in artificial intelligence.