The new CEO told Cointelegraph that Tether will build renewable energy facilities in Uruguay and El Salvador.
Paolo Ardoino assumed the role of CEO of Tether on December 1, having served as CTO since 2017. His appointment was planned in advance at a time when the company was prioritizing diversification and expansion.
This is a good time for the company. Ardoino said Tether is on track to make a profit of $4.5 billion in its main business this year. He spoke to Cointelegraph about the upcoming changes to the company's product line and its overall direction.
There's some discussion about real-world assets, but I think what's more important is the real-world ecosystem. ”
Ardoino said that innovations from the cryptocurrency world "should almost be hidden from the public" because the public cares about what the technology is for, not how it works. He has a particular interest in the messaging app Keet and its platform, Holepunch, for which he is the Chief Strategy Officer.
Holepunch is decentralized, but not a blockchain. Ardoino says it was inspired by BitTorrent. Keet enables users to find each other and connect through their IP addresses for real-time communication.
Keet debuted last year and costs nothing to use or provide. It also doesn't generate any revenue, but Ardoino sees long-term benefits:
"We believe Keet will be one of the biggest enablers of global adoption of Bitcoin and USDT. ”Ardoino says Keet has 20 developers, which is a small expense for a company the size of Tether.
Keet's value proposition is rooted in technology and philosophy. "Perhaps, if society were perfect, no one would need Kitt," Adoino said. "But in my opinion, the world is not moving towards happiness, and I think people like Kit would help. ”
This is because Keet reduces the global demand for data centers, hardware, cables, and energy. It is also not subject to censorship. Apps like WhatsApp, Skype, and Telegram may be blocked because they have centralized servers, but anyone with an internet connection can use Keet at any time.
"Bitcoin is something that can resist the wrath of God. ”Like Keet, Tether has found a way to align the principles and business of Bitcoin mining, and Tether is making a big push into the Bitcoin mining space. Adorino believes that it makes sense to invest in renewable energy because the infrastructure for fossil fuel power generation is very expensive, so its cost is difficult**.
Tether will build a hydroelectric power facility in Uruguay and a geothermal facility in El Salvador. Geothermal power generation took longer to build, but its lifespan is more than half a century, twice as long as wind and solar generators, Adorino said.