December 4, 2023

Paolo Ardoino Assumes CEO Role at Tether, Unveils Ambitious Expansion Strategies

While the communication app Keet currently generates no immediate revenue, Ardoino envisions its pivotal role in driving global adoption of bitcoin and USDT.

On December 1st, Paolo Ardoino officially took the reins as the CEO of Tether, transitioning from his former role as Chief Technology Officer, a position he had held since 2017.

This strategic leadership transition was meticulously planned and aligns seamlessly with Tether's overarching focus on diversification and expansion.

Tether, a prominent figure in the cryptocurrency domain, is presently enjoying a prosperous phase. Ardoino revealed that the company is on track to amass approximately $4.5 billion in profits from its core business activities this year.

In a recent interview, Ardoino provided insights into the imminent transformations within Tether’s product portfolio and its broader strategic vision.

Ardoino stressed that Tether’s ambitions extend beyond its flagship product, USDT. The company is poised to transform into a key infrastructure provider within the crypto ecosystem.

While expressing enthusiasm for the concept of Web3, Ardoino offered a critical perspective on its current implementation, characterizing it as a "bubble". He underscored the importance of establishing a real-world ecosystem rather than merely discussing real-world assets.

A notable addition to Tether’s portfolio is its involvement with the decentralized communications app Keet, where Ardoino assumes the role of Chief Strategy Officer.

Keet, distinct from traditional blockchains, draws inspiration from BitTorrent and enables real-time communication through IP addresses, providing a cost-free service.

Despite Keet currently not generating immediate revenue, Ardoino envisions its significant role in driving the global adoption of bitcoin and USDT.

Keet’s value proposition lies in both technology and philosophy, reducing the need for global data centers, hardware, cables, and energy, while also remaining impervious to censorship compared to centralized alternatives like WhatsApp or Skype.

Ardoino reiterated Tether’s unwavering commitment to bitcoin, emphasizing its resilience against inflation and political turmoil.

Tether is further venturing into Bitcoin mining, aligning its principles with its core business activities.

Ardoino argued that investing in renewable energy for mining is a logical step, considering the unpredictability and expense associated with fossil fuel-based electricity generation infrastructure.

Tether’s expansion plans in the renewable energy sector include the construction of hydropower facilities in Uruguay and geothermal facilities in El Salvador.

While geothermal projects have a lengthier construction timeline, they boast a service life exceeding half a century, double that of wind and solar generators.

These initiatives underscore Tether’s dedication to sustainability and its commitment to fostering the continued growth of the crypto industry.

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