Tether executive shakeup: Ardoino takes over as CEO

Ardoino is also chief technology officer of Bitfinex as well as chief strategy officer at Holepunch

October 13, 2023 09:50 am

DIAMOND VISUALS/Shutterstock modified by Blockworks

Paolo Ardoino will take the helm as CEO of Tether from Jean-Louis van der Velde in December.

Ardoino took on the role of chief technology officer back in 2017 after joining the company in 2014. Van der Velde, who also co-founded Bitfinex, will stay on as an advisor but will retain his role as CEO of Bitfinex.

“I’m excited to lead our team as we continue to innovate and provide stability in the cryptocurrency and global space. Together with our community, we can build a future that lifts the barriers to our freedoms. We remain committed to transparency, security, and to being an unstoppable force in the seamless integration of digital assets into the global financial ecosystem and beyond,” Ardoino said.

Ardoino is also chief technology officer of Bitfinex as well as chief strategy officer at Holepunch.

“At Bitfinex, Ardoino played a pivotal role in enhancing the platform’s Bitcoin trading capabilities, rapidly earning recognition for his dedication and profound knowledge of blockchain technology,” the post said.

According to a Tether spokesperson, Ardoino will continue to oversee the technology department for now.

“This strategic transition has been meticulously planned, aligning seamlessly with Tether’s long-term strategy,” the blog said.

Tether said its market cap is at $83 billion currently. In its last attestation report — released in July — the company reported excess reserves of $3.3 billion as of late June.

Back in late August, Coinbase suspended USDT trading in Canada. At the time, a Coinbase spokesperson told Blockworks that the change came because the company monitors “the assets on our exchange to ensure they meet our listing standards.”

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