Tether Appoints Paulo Ardoino as CEO
- Paulo Ardoino has played a major role at Tether since joining the company in 2017.
- Ardoino has served as Tether’s core spokesperson, taking up an active presence over outgoing CEO van der Velde.
In an unexpected move, Tether’s chief technology officer (CTO), Paolo Ardoino, has been appointed the company’s new CEO, taking over from rather unknown Jean-Louis van der Velde, who has led the company for years.
Tether shared the news in a press release on Friday, noting that Ardoino will assume office in December 2023. Meanwhile, van der Velde will continue to serve as CEO of crypto exchange Bitfinex and hold a new advisory post at Tether. Also, Ardoino will retain his position as CTO of Bitfinex and Chief Strategy Officer of the app development platform, Holepunch.
Reacting to the new appointment, van der Velde said in a statement:
Paolo is extremely well-suited to lead Tether into this exciting new era. I believe Tether is poised to continue its rapid growth, with a continued focus on emerging markets and transformative technology. I think I can speak for the entire company when I say that we eagerly anticipate Paolo’s leadership as he guides Tether toward a future where finance knows no bounds.
Ardoino was appointed Tether’s CTO in 2017, three years after joining Bitfinex. His time under the company’s leadership has been productive, driving Tether’s market cap from less than $100 million to $83.5 billion.
Tether said the leadership change was part of its ambition to actively explore new business ventures, such as peer-to-peer communications, renewable energy, strong data storage, and Bitcoin. A Tether representative said Ardoino’s appointment should be seen as a “natural progression” since he has been driving Tether’s expansion plan for the past few years.
Van der Velde, an executive who has seldom been seen in public, is leaving Tether at a time when the company is being questioned about its transparency. Many believed van der Velde’s lack of visibility was proof that Tether lacked transparency.
Ardoino has practically served as Tether’s spokesperson for many years. He has participated in several media appearances and podcasts, frequently defending the stablecoin business from critics.
Tether wrote that part of Ardoino’s accomplishment was “co-leading the strategy that led to the substantial growth of Tether’s market presence and market capitalization.” Ardoino has also written several press articles aimed at fighting “FUD” on media platforms.
The Tether spokesperson expressed optimism that “under Paolo’s leadership, Tether will continue to work toward delivering financial services to those in need, reshaping the landscape of global finance.”
The spokesperson added:
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.
Ardoino takes the lead at Tether at a time when the company plans to focus on Bitcoin mining operations. The stablecoin issuer launched a bitcoin mining operation in Uruguay in May and launched its Tether BTC mining software in August 2023.