Famous stablecoin company, Tether, has announced a change in roles. According to the announcement made by the company, Paolo Ardoino, the Chief Technology Officer, has been promoted to the position of CEO. Ardoino will assume his new role in December, replacing Jean-Louis van der Velde.
Another topic mentioned in the announcement is that Velde will take on the role of advisor. Additionally, Velde will continue to serve as the CEO of Bitfinex, the renowned cryptocurrency exchange partnered with Tether.
Ardoino, who has been appointed as the CEO of Tether, will also serve as the Chief Strategy Officer for Holepunch, an application development platform supported by Bitfinex, Tether, and Hypercore. In addition to these responsibilities, Ardoino will also assume the role of CTO for Bitfinex. A Tether spokesperson stated that Ardoino will continue to oversee Tether’s technology department until a second announcement is made.
The company stated that with this promotion, they aim to transform Tether into a “technology-driven organization reshaping the future of the financial sector,” rather than just being a stablecoin issuer. Ardoino joined Bitfinex in 2014 and Tether in 2017.