Tether CEO Paolo Ardoino (Interview)

Will Tether go public any time soon? What are the new CEO’s plans for the company? What is keet io? Why is the Bitcoin Lightning network the best BTC payment solution? These and many more questions were answered by Paolo Ardoino, the new chief exec of the company behind the world’s largest stablecoin, in a recent interview with CryptoPotato.

Additionally, he spoke about another project of his – keet io, which serves as a peer-to-peer web conferencing tool.

Last but not least, Ardoino gave his two cents about BTC’s current rally, the halving, and whether or not there will finally be a spot Bitcoin ETF in the US.

Changes in Tether

During the first interview Ardoino had with CryptoPotato almost two years ago, the then-CTO refuted the claims that the company had any intentions to go public, similar to many other US-based digital asset firms, like Coinbase, which did so during the previous bull market.

A lot has changed in Tether since then, including Ardoino assuming the main executive position at the firm in October of this year. On the question of whether or not the company has changed its tune on going public, the new CEO said now:

“As I have stated previously, Tether is not planning to go public. Our focus remains on our mission, which is to serve a diverse range of customers worldwide, particularly those in emerging markets. We believe that our efforts should be concentrated on delivering value to our customers rather than pursuing short-term profits for shareholders.”

Speaking about his new role and responsibilities, he outlined his commitment to “transforming Tether into a technology-focused company,” with its main goal being real-world ecosystem growth in many key areas. This goes beyond stablecoins into areas like communications, data, AI, renewable energy, and Bitcoin mining.

He explained that the decision to take the leadership role at Tether was a “strategic” one before adding:

“We are leveraging our dominant position in the stablecoin industry to pursue other areas of focus such as peer-to-peer communications, renewable energy, resilient data storage, and bitcoin mining. This transition was a natural progression, considering my involvement in leading Tether’s expansion strategy over the last couple of years.”

Bitcoin ETF in the States?

Arguably, the two most talked-about upcoming events for 2024 in the crypto industry are the Bitcoin halving and the potential approval of the first spot BTC ETF in the States. Ardoino weighed in on the matter, highlighting the halving’s positive effects on the entire ecosystem:

“In 2024, the upcoming Bitcoin halving event is poised to amplify the network’s resilience, further cementing its position as a cornerstone of the cryptocurrency ecosystem. Historical data from previous halvings showcases a consistent pattern: each halving has triggered substantial increases in Bitcoin’s value.”

When it comes down to future price increases after the event, Tether’s CEO added that there have been such movements in the past, which were “scarcity-driven.” After all, the BTC block rewards are slashed in half after each event, and the pre-programmed inflation decreases.

Ardoino believes the upcoming fourth halving will also help BTC in terms of global adoption due to increased media coverage and growing interest from institutions and will solidify the cryptocurrency “as a formidable asset class within the broader financial landscape.”

Nevertheless, he warned that investors should do comprehensive research of their own before allocating any funds to investment assets.

In terms of the widely-anticipate ETF, Ardoino said:

“I believe the prospects of the SEC approving a spot Bitcoin ETF are promising. The growing interest in Bitcoin from institutional investors, as evidenced by the recent surge in Tether issuance, is indicative of the market’s readiness for such a development. The potential approval of a Bitcoin ETF could further catalyze institutional adoption and bring more legitimacy to the crypto space.”

His Role at Keet Io

Aside from his well-known role at Tether, Ardoino is also the co-founder and CSO of keet io. He described the project as a “P2P web conferencing tool that aims to redefine digital communications.”

It’s an alternative to Zoom but operates as a decentralized, censorship-resistance, and user-empowering platform.

“Keet.io is incubated by Holepunch, a platform for creating apps, with support from Tether. Our technology is based on “Holepunch,” which enables the creation of distributed networks. These networks eliminate single points of failure while giving individuals ownership over their data and communications. This represents a significant paradigm shift as concerns grow around data harvesting and censorship of centralized services.

Keet io plans to launch a free, open-source platform on February 14 this year, which will allow “anyone to build P2P versions of popular apps, like YouTube or Uber for people to use.”

The project has already incorporated a few payment features, such as USDT and Bitcoin Lightning. He outlined keet io’s reasoning:

Firstly, Bitcoin Lightning offers a significant advantage in terms of transaction speed. Lightning Network is the best scalability layer available for Bitcoin payments and offers a real-time user experience that is suited for a real-time communication app like Keet.
Secondly, Bitcoin Lightning also provides cost efficiency. Traditional on-chain transactions can sometimes involve substantial fees, which can be a deterrent for users. By leveraging the Lightning Network, we can minimize these costs, making it a more attractive option for our users.
Lastly, the use of Bitcoin Lightning aligns with our commitment to promoting decentralization. Keet.io is built on the principles of peer-to-peer technology, emphasizing user empowerment and censorship resistance. Bitcoin Lightning, being a peer-to-peer network itself, fits well with our ethos.