The crypto realm is in its nascent stage and expanding at a rapid pace. Major companies in the industry have a role to play in ensuring the prosperity of the latter. So some changes are meant to decide the course of companies and even the industries in the contingency. Such an instance took place recently with the appointment of Paolo Ardoino as the new CEO of stablecoin issuer Tether.
Tether, an issuer of the largest stablecoin by market cap USDT, announced on October 13, 2023, to make Paolo Ardoino, the new chief executive officer of the company. Earlier Ardoino was serving as chief technology officer in the company which he will continue until the official handover in December 2023.
Jean-Louis van der Velde is currently CEO of Tether and will be shifting to an advisory role in the company after Ardoino replacing him. However, he will continue in the position of CEO of the cryptocurrency exchange and sister company of Tether, Bitfinex.
Paolo Ardoino’s Impressive Career
Tether must be looking to expand the areas of focus and placing Ardoino in a crucial post such as CEO come in the wake of it. Tether CTO holds one of the most fascinating portfolios in the industry as a crypto executive.
Ardoino is currently CTO of Bitfinex as well serving as chief strategy officer for Holepunch, a known Bitcoin layer-2 solution. He joined Tether as CEO in 2017 after serving at Bitfinex and took the job at a stablecoin issuer firm.
Crunchbase’s created portfolio also noted that Ardoino holds a CTO position at developers, enthusiasts, and traders’ community hub named Ethfinex, too. While his LinkedIn profile does not have such information, it mentions him working as full stack developer at a Swiss asset management firm, Frame Asset Management. He was also a partner at United Kingdom-based web firm Fincluster.
Exploring the Life of Paolo Ardoino
Paolo Ardoino’s journey from a childhood computer enthusiast to Chief Technology Officer (CTO) at Bitfinex and Tether reflects a remarkable career in the crypto industry. He started coding at the age of eight, earned a computer science degree in 2008, and ventured into cryptography while working on a military project. In 2012, after reading the Bitcoin white paper, he was inspired by the idea of enabling individuals to manage their wealth independently, particularly benefiting the unbanked and underbanked populations globally.
Ardoino’s tenure as CTO in 2020 saw significant growth in Tether, the largest stablecoin, which increased its market cap from $4 Billion to over $20 Billion. Under his technical leadership, Tether Gold, a stablecoin backed by gold, was launched. Bitfinex, the crypto trading platform, also flourished in 2020 with new product launches and advancements under his guidance.
Despite facing criticism, Ardoino stood by the companies’ decisions, and his contributions helped shape a transformative year for both Tether and Bitfinex in the crypto landscape.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.