Tether moving into infrastructure, energy production, CEO Ardoino says
Paolo Ardoino, the newly appointed CEO of Tether, has announced that the company is undergoing diversification and expansion, with plans to move into infrastructure and energy production. Tether, which is on track to make $4.5 billion in profits this year, is looking to become an infrastructure provider and create a real-world ecosystem.
Ardoino expressed his enthusiasm for the concept of Web3 but criticized its implementation, referring to it as a bubble. He believes that innovations from the crypto world should be masked from the public, emphasizing that people care about what the technology does, not how it works. Ardoino is particularly excited about the communications app Keet, where he serves as the chief strategy officer.
Keet is a decentralized platform that allows users to connect and communicate in real-time through their IP addresses. Ardoino sees Keet as a potential driver of Bitcoin and Tether adoption worldwide. The app has the advantage of not requiring data centers, hardware, cables, or energy, making it impervious to censorship. Unlike centralized apps such as WhatsApp or Telegram, Keet can be accessed by anyone with an internet connection at any time.
Tether’s interest in Bitcoin goes beyond its business strategy. According to Ardoino, the company has a deep appreciation for Bitcoin’s resistance to inflation and political upheaval. Additionally, they believe that Bitcoin’s energy consumption should not be seen as wasteful, but rather as a means of preserving financial stability in challenging times.
To align principles with business goals, Tether is venturing into Bitcoin mining and renewable energy investments. The company plans to construct hydropower facilities in Uruguay and geothermal facilities in El Salvador. While geothermal power sources take longer to build, they have a service life of over half a century, double that of wind and solar generators.
Tether’s dedication to diversification and expansion signifies a new era for the company. By moving into infrastructure and energy production, they aim to create a real-world ecosystem while emphasizing the importance of Bitcoin and its underlying principles. As Tether continues to evolve, it looks poised to make a significant impact in the crypto industry.
Keywords: Tether, CEO, Paolo Ardoino, diversification, expansion, infrastructure, energy production, profits, Web3, bubble, real-world assets, ecosystem, Keet, Bitcoin adoption, decentralization, censorship resistance, renewable energy, hydropower, geothermal.
