In the interesting turn-of event, Tether, the world’s largest stablecoin issuer, re-engineered its business operation to become a tech-friendly organization. The restructuring plans were accompanied by the management reshuffling to enable Tether to expand its operation.
In a publication, the stablecoin issuer appointed Paolo Ardoino as the new chief executive officer. The report illustrated that Ardoino will take office in December while the outgoing CEO, Jean-Louis van der Velde, will retain his position as the company’s strategic advisor.
Tether Appoint New CEO
From his exemplary work, Ardoino will maintain his position as the chief strategy officer at Tether’s affiliate company, Bitfinex, under the leadership of Velde.
Since 2017, Ardoino has made significant developments to position Tether as the leading stablecoin issuer. Based on his previous achievements, Ardoino will continue offering technical advices to Tether and will be in charge of the technology department.
A statement from a Tether spokesperson revealed that the change in leadership aligns with the company’s goal to explore viable business opportunities in different sectors. The spokesperson added that Tether has been pursuing new opportunities in peer-to-peer (P2P)communication, data storage, renewable energy, and the Bitcoin mining sector.
He described the promotion of Ardoino as a natural progression since he has been a long-serving technical expert. The Tether team believes Ardoino is the ideal candidate to succeed over Velde.
Tether Eyes to Becoming a Tech-Centric Organization
The report indicated that Ardoino has wide proficiency in organization and nonmanagement roles. Citing his past achievement at HolePunch, a P2P application development company owned by a Tether affiliate company, the spokesperson recognized the contribution of Arduino in Bitcoin mining, artificial intelligence, and hardware development.
HolePunch was launched last year to develop a P2P application called Keet. The stablecoin issuer vowed to invest $10 million to support the operations of HolePunch and promote the development of Keet. Also, Tether and its affiliate companies plan to invest over $50 million to support the development of P2P applications.
According to the report, Ardoino’s unwavering commitment to promoting innovation has positioned Ardoino as a key player in the tech sector. According to Tether, the appointment of Arduino will support the company in inventing financial products and services that meet the market demand. The stablecoin issuer anticipates that the leadership of Ardoino will play a key role in redefining the financial sector.
Tether Seeks to Become Infrastructure Partner to Build Resilient Cities
Addressing the media, Ardoino believes that Tether will become a leading tech powerhouse that will transform the financial sector. The newly appointed CEO plans to work with the authority as an infrastructure partner to establish resilient cities and towns.
Furthermore, Ardoino announced plans to widen the adoption of USDC in to global markets. Besides expanding the adoption of USDC, Tether has demonstrated a growing interest in Bitcoin mining and energy production after launching Tether Energy. This development aimed at establishing solid networks with local companies to promote infrastructure development and support the expansion of Bitcoin mining.
In May, Tether partnered with Max Keiser to establish a sustainable volcano energy power plant in El Salvador. The stablecoin issuer vowed to invest heavily in supporting Bitcoin mining operations.
Meanwhile the Tether team is developing a new platform to help developers build financial infrastructures. A review of Tether’s financial report demonstrated that the firm generated a profit of $850 million in Q2, a decrease of $1.5 million from the preceding quarter.