Paolo Ardoino, chief technology officer of stablecoin issuer Tether, has been promoted to CEO, marking an unexpected management overhaul at one of the industry’s leading players.
Tether said Arduino will take over from Jean-Louis van der Velde, who will move into an advisory role for Tether while retaining his position as CEO of Bitfinex.
- According to the latest announcement shared with CryptoPotatoArduino will move to his new position in December 2023.
- Despite the promotion, he will continue to serve as CTO at Bitfinex as well as Chief Strategy Officer at Holepunch.
- Commenting on the development, the Executive Director said,
“It is a true honor to be given the role of CEO of Tether. I am 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 raises the barriers to our freedoms.”
- Ardoino became part of Bitfinex in 2014. Three years later, he took over as CTO at Tether.
- During his tenure, Arduino was credited with co-leading the strategy responsible for the growth of the world’s largest stablecoin, USDT’s market presence and market cap, as well as the expansion of the Tether business.
- The company said the latest strategic shift was “meticulously” planned and aligned with its long-term strategy.
- In an exclusive interview with CryptoPotato Last year, Arduino confirmed that Tether had no plans to go public.
Free Binance $100 (Exclusive): Use this link to sign up and get free $100 and 10% off Binance Futures in your first month (conditions).
PrimeXBT Special Offer: Use this link to register and enter code CRYPTOPOTATO50 to receive up to $7,000 on your deposits.