Paolo Ardoino became CEO of Tether on December 1, replacing the position of chief technology officer, which he had held since 2017. His appointment was planned well in advance and comes as the company is prioritizing diversification and expansion.
It is a good time for the company. Tether is on track to make $4.5 billion in profits from its core business this year, Ardoino said. He spoke with Cointelegraph about the changes coming to the company's product line and its overall direction.
โAs we will demonstrate in the next quarter, Tether is much more than USDT (USDT),โ Ardoino said. On the one hand, Tether will increasingly become an infrastructure provider. Ardoino likes โthe premise of Web3,โ he said, but he was less satisfied with its implementation, calling it a bubble:
"There is some talk about real-world assets, but what I think is more important is a real-world ecosystem."
Innovations coming from the cryptocurrency world โshould almost be maskedโ to the public, who cares about what the technology does, not how it works, Ardoino said. He was especially excited about communications app Keet and its Holepunch platform, for which he is chief strategy officer.
WhatsApp is down worldwide.https://t.co/uaVXfClZVr It doesn't have servers. All connections occur directly between peer devices. Total privacy.
In fact, the biggest lie is that people need a centralized or cloud infrastructure to talk to friends and family.
be a https://t.co/4Wexvzjy95โPaolo Ardoino (@paoloardoino) October 25, 2022
Holepunch is decentralized, but it is not a blockchain. It was inspired by BitTorrent, Ardoino said. Keet allows users to find each other and connect via their IP addresses for real-time communications.
Keet, which debuted last year, it costs nothing to use or provide. It also does not generate income, but Ardoino sees long-term advantages:
โWe believe Keet will be one of the biggest drivers of Bitcoin and USDT adoption in the world.โ
Ardoino said there are 20 developers working on Keet, a small outlay for a company the size of Tether.
Keet's value proposition is based on technology and philosophy. "Perhaps, if society were perfect, no one would need Keet," Ardoino said. "But the world is not heading towards happiness, the way I see it, and I think something like Keet would be helpful."
This is because Keet reduces the need for data centers, hardware, cables and power around the world. It is also immune to censorship. Apps like WhatsApp, Skype, and Telegram can be blocked because they have centralized servers, but anyone with an internet connection can use Keet at any time.
Related: Tether Issues $610M Debt Financing to Bitcoin Miner Northern Data
โWe are not activists at our core,โ Ardoino said. However, Tether's devotion to Bitcoin (btc) is also based on principles. โWe love Bitcoin and we think it is important [โฆ] That fights against accusations that it is wasting energy,โ he said. Bitcoin is resistant to inflation, political turmoil and more:
"Bitcoin is something that will withstand the wrath of God."
Like Keet, Tether found a way to align the principles and business in Bitcoin mining, which Tether It's expanding big time.. Ardoino argued that investing in renewable energy makes sense, since the infrastructure for generating electricity from fossil fuels is prohibitively expensive and therefore unpredictable.
Tether will build hydroelectric facilities in Uruguay and geothermal facilities in El Salvador. Geothermal energy sources take longer to build, Ardoino said, but have a lifespan of more than half a century, twice that of wind and solar generators.
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