{"id":427047,"date":"2023-08-05T22:48:32","date_gmt":"2023-08-05T22:48:32","guid":{"rendered":"https:\/\/insidebitcoins.com\/?page_id=427047"},"modified":"2023-08-05T22:48:32","modified_gmt":"2023-08-05T22:48:32","slug":"paolo-ardoino-net-worth","status":"publish","type":"page","link":"https:\/\/insidebitcoins.com\/bitcoin-investors\/paolo-ardoino-net-worth","title":{"rendered":"Paolo Ardoino Net Worth, Crypto and NFT Investments"},"content":{"rendered":"<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The net worth of Paolo Ardoino is estimated to be around $28 million in 2023. In recent years, the software developer made a name for himself as one of the most influential managers of crypto-oriented projects. His incredible contributions as the CTO to IFinex&rsquo;s twin companies; Tether and Bitfinex speaks volumes about his expertise in software development.<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-427146\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Paolo-Ardoino.png\" alt=\"Paolo Ardoino\" width=\"425\" height=\"308\" srcset=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Paolo-Ardoino.png 425w, https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Paolo-Ardoino-300x217.png 300w\" sizes=\"(max-width: 425px) 100vw, 425px\"><\/p>\n<p>Apart from being the incumbent CTO of Tether and Bitfinex, Ardoino is also well-known as a strong advocate of crypto. He is well popular among the crypto community on Twitter owing to his activeness on the app. There, members of the crypto community regard him as the face of Tether and Bitfinex as a result of his swift and helpful responses to issues relating to the two companies.<\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Likewise, Ardoino is also the creator of HolePunch, a platform that provides support for the development of peer-to-peer solutions. As the CTO of Bitfinex and Tether, he has been at the heart of the firm&rsquo;s success due to his remarkable contributions to innovative projects. Meanwhile, it must be noted that the success only contributed a little to the net worth of Paolo Ardoino.<br>\n<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Spent the afternoon teaching P2P &#127824;2&#65039;&#8419;&#127824; philosophy and holepunch &#128371;&#129354;   models and data structures at <a href=\"https:\/\/twitter.com\/PenguinsTribe?ref_src=twsrc%5Etfw\">@PenguinsTribe<\/a> headquarters in Paraguay.<br>Amazing experience, lot of talented and bright minds.<br>Thanks for the opportunity &#127477;&#127486;<a href=\"https:\/\/twitter.com\/Holepunch_to?ref_src=twsrc%5Etfw\">@Holepunch_to<\/a> <a href=\"https:\/\/twitter.com\/keet_io?ref_src=twsrc%5Etfw\">@keet_io<\/a> <a href=\"https:\/\/twitter.com\/Synonym_to?ref_src=twsrc%5Etfw\">@Synonym_to<\/a> <a href=\"https:\/\/t.co\/rXEaf6xFmN\">pic.twitter.com\/rXEaf6xFmN<\/a><\/p>\n<p>&mdash; Paolo Ardoino &#127824; (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1614954881558745090?ref_src=twsrc%5Etfw\">January 16, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Paolo Ardoino&rsquo;s Net Worth<\/h2>\n<table class=\"omsc-custom-table omsc-style-1\"><tr><th>Year<\/th><th>Net Worth<\/th><\/tr><tr><td>2023<\/td><td>$28 million<\/td><\/tr><\/table>\n<h2>Early Life<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Paolo Ardoino was born in Italy around 1985. He grew up and schooled in the same country. At a very young age, he picked up an interest in computer programming. This passion propelled him to pursue a degree at Genoa&rsquo;s Computer Science University. After his graduation in 2008, he worked as a researcher for a military project. The project focused on high availability, self-recovering networks, and cryptography.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While working on the project, Paolo Ardoino learned more about distributed systems and cryptography. However, he left the project and traveled to the U.S. from Italy to seek&nbsp;<\/span><span style=\"font-weight: 400;\">greener pastures. In an interview, Paolo once recalled how software developers were underpaid in Italy and why he considered moving to the U.S.&nbsp;<\/span><\/p>\n<p>Meanwhile, as soon as he got to the U.S.,&nbsp;<span style=\"font-weight: 400;\">the software expert ventured into finance. As a programmer, he designed various solutions relating to finance around 2010. Eventually, Ardoino founded Fincluster after building its software himself. The&nbsp;platform offers comprehensive and cloud-based financial solutions for users. It focuses on advisors, fund managers, and institutions, including medium-sized companies in prominent cities like London, Milan, and Lugano.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Later,<\/span><span style=\"font-weight: 400;\">&nbsp;Fincluster received financial backing from angel investors through two investment rounds. The funds provided the company with the capacity to design an advanced, modern, and accessible web platform. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/fincluster?ref_src=twsrc%5Etfw\">@fincluster<\/a> is committed to <a href=\"https:\/\/twitter.com\/hashtag\/opensource?src=hash&amp;ref_src=twsrc%5Etfw\">#opensource<\/a> finance <a href=\"https:\/\/t.co\/OVxUabPfIw\">https:\/\/t.co\/OVxUabPfIw<\/a> <a href=\"https:\/\/t.co\/srtp2Thl7v\">https:\/\/t.co\/srtp2Thl7v<\/a> Feel free to contribute <a href=\"https:\/\/twitter.com\/hashtag\/nodejs?src=hash&amp;ref_src=twsrc%5Etfw\">#nodejs<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/javascript?src=hash&amp;ref_src=twsrc%5Etfw\">#javascript<\/a><\/p>\n<p>&mdash; Paolo Ardoino &#127824; (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/483858646095659008?ref_src=twsrc%5Etfw\">July 1, 2014<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Bitfinex<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Paolo Ardoino joined Bitfinex in 2014 as a Senior Software Developer. In this role, he focused on the development of trading tech, platform scalability, and high availability. His passion for Bitcoin aligns with&nbsp;<\/span><span style=\"font-weight: 400;\">Bitfinex&rsquo;s mission to unlock financial freedom. Shortly after he joined the firm, it collaborated with Palo Alto company BitGo to introduce highly-secured wallet services for users. The product allows users to store their virtual assets online. Then, BitGo provides cover for Bitcoin users against theft with the aid of insurance.&nbsp;<\/span><\/p>\n<p>A year later, Ardoino&rsquo;s proficiency as the<span style=\"font-weight: 400;\">&nbsp;software developer was put to test after the exchange suffered exploitation. The attack resulted in the loss of&nbsp;<\/span><span style=\"font-weight: 400;\">about 1,500 BTC belonging to users. Despite the shortcoming, the exchange forged ahead to maintain its position in the then-emerging industry. On August 2, 2016, Paolo emerged as the Chief Technology Officer of Bitfinex.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The 2nd of August 2016 was the day I became the CTO at <a href=\"https:\/\/twitter.com\/bitfinex?ref_src=twsrc%5Etfw\">@bitfinex<\/a> <br>Finex management team came up with the recovery plan to make everyone hole.<br>I was humbled and proud to have been picked as the person to lead Finex to a new safe harbor.<br>This team is family for me. <a href=\"https:\/\/t.co\/x59BzoKq7K\">https:\/\/t.co\/x59BzoKq7K<\/a><\/p>\n<p>&mdash; Paolo Ardoino &#127824; (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1491352119932485632?ref_src=twsrc%5Etfw\">February 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ardoino&rsquo;s primary responsibility in this role is to manage&nbsp;the development team. Also, he is expected to evaluate emerging technologies, design and develop the exchange&rsquo;s backend platform. Likewise, he emerged as the exchange&rsquo;s Lead Backend Developer. This role placed more&nbsp;<\/span><span style=\"font-weight: 400;\">responsibilities on Ardoino.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In April 2017, Bitfinex endured a crisis that almost threatened its survival. The issue was caused by the then decision of&nbsp;<\/span><span style=\"font-weight: 400;\">Well Fargo to stop providing wire transfer services for the exchanges. Amid this development, Bitfinex struggled to <\/span><span style=\"font-weight: 400;\">process dollar withdrawals. As part of its effort to manage the situation, Bitfinex changed some of its policies and concealed&nbsp;<\/span><span style=\"font-weight: 400;\">where it kept users&rsquo; funds. These efforts helped to save the firm from its struggles.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Later that year, it posted a good financial report that indicated its growth. According to the report, the company recorded $333.5 million in gross profits and $6.8 million in expenses. This data translated into a net profit of about $326 million.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">However, reports about where it kept users&rsquo; funds began to dominate the airspace shortly after. Then, credible sources claimed the funds, particularly dollar deposits by users were in the custody of&nbsp;<\/span><span style=\"font-weight: 400;\">Noble Bank International of San Juan, Puerto Rico. In 2018, the relationship between Bitfinex and the bank suffered a huge setback after the latter suffered a financial crisis. Despite the huge exposure to the bank, Bitfinex insisted that it is still in business. The same year, it&nbsp;<\/span><span style=\"font-weight: 400;\">relocated its primary server infrastructure from the British Virgin Islands to Zug, Switzerland.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As the CTO, Ardoino oversaw the development of Bitfinex Pay in 2021. The project is a contactless and borderless payment technology that permits online merchants to receive crypto payments. As cryptocurrency began to gain wide global recognition, Bitfinex contemplated expanding its service to India.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">E-commerce platforms using WooCommerce can now download the Bitfinex Pay plugin directly from WordPress in one click!<\/p>\n<p>Take your business to the next level, accept your first <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a>, Ethereum and <a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&amp;ref_src=twsrc%5Etfw\">#Tether<\/a> tokens (USDt) payments&#11015;&#65039;<a href=\"https:\/\/t.co\/FbFIqtal2E\">https:\/\/t.co\/FbFIqtal2E<\/a> <a href=\"https:\/\/t.co\/O38M4lpLfi\">pic.twitter.com\/O38M4lpLfi<\/a><\/p>\n<p>&mdash; Bitfinex (@bitfinex) <a href=\"https:\/\/twitter.com\/bitfinex\/status\/1447541295648493568?ref_src=twsrc%5Etfw\">October 11, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In September 2022, Bitfinex temporarily halted deposits and withdrawals of Ethereum base coins. This was in response to the Ethereum software upgrade; the Merge. Ardoino, in his capacity as the CTO, contributed to the documentation of Bitfinex&rsquo;s &ldquo;Freedom Manifesto.&rdquo; The document emphasized the advancement of distributed, open-source software in alignment with the libertarian ideas of Australian School economists and cypherpunks&rsquo; approach to writing code.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Driven by its relentless efforts to improve its offerings,&nbsp;<\/span><span style=\"font-weight: 400;\">Bitfinex attained a reputable height in the crypto industry. The exchange, with the support of notable talents within its ranks, remains one of the front-runners in the push for the global adoption of cryptocurrency. As part of its commitment to achieving this vision, Bitfinex decided t<\/span><span style=\"font-weight: 400;\">o establish a&nbsp;<\/span><span style=\"font-weight: 400;\">physical presence in El Salvador around 2023. With this plan, it seeks to support&nbsp;<\/span><span style=\"font-weight: 400;\">the development of the Central American country&rsquo;s &ldquo;Volcano&rdquo; token.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Recently, the exchange made history as the first virtual assets service provider to obtain an operational license in El Salvador. It&nbsp;promised to list the token on its platform for trading. &nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Also, Bitfinex, in May 2023,&nbsp;<\/span><span style=\"font-weight: 400;\">revealed plans to invest in the Chile-based cryptocurrency exchange, Orionx. In its announcement, the exchange emphasized its commitment to cement its presence in Chile and Latin America. The focus on Latin America birthed the launching of a peer-to-peer trading platform in Venezuela, Argentina, and Colombia in June 2023.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Achieving yet another milestone for <a href=\"https:\/\/twitter.com\/hashtag\/FinancialFreedom?src=hash&amp;ref_src=twsrc%5Etfw\">#FinancialFreedom<\/a>! Proud to team up with <a href=\"https:\/\/twitter.com\/orionx?ref_src=twsrc%5Etfw\">@orionx<\/a> in Chile, catalysing <a href=\"https:\/\/twitter.com\/hashtag\/CryptoAdoption?src=hash&amp;ref_src=twsrc%5Etfw\">#CryptoAdoption<\/a>. <a href=\"https:\/\/twitter.com\/hashtag\/BitfinexOrionX?src=hash&amp;ref_src=twsrc%5Etfw\">#BitfinexOrionX<\/a> &#128640;<\/p>\n<p>Learn more:<a href=\"https:\/\/t.co\/DaFW2fOByr\">https:\/\/t.co\/DaFW2fOByr<\/a> <a href=\"https:\/\/t.co\/oY29Vfjt2o\">pic.twitter.com\/oY29Vfjt2o<\/a><\/p>\n<p>&mdash; Bitfinex (@bitfinex) <a href=\"https:\/\/twitter.com\/bitfinex\/status\/1661391655625191424?ref_src=twsrc%5Etfw\">May 24, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meanwhile, as part of its support for open-source initiatives, Bitfinex collaborated with Tether in June 2023. The collaboration led to the allocation of a 100,000 USDT grant to the development of open-source privacy operating system Qubes OS. Then, Ardoino explained that the financial commitment came alive because both firms prioritize the relevance of privacy and security in the digital age. He added that the two partners are glad to support the development of the solution. Also, he identified Qubes OS as a &ldquo;cutting-edge operating system renowned for its iron clad security.&rdquo;<br>\n<\/span><\/p>\n<h2>Tether<\/h2>\n<p>In recognition of his contribution to Bitfinex, the issuer of USDT, Tether employed Ardoino as its CTO in 2017. It is worth establishing that both Bitfinex and Tether are owned and managed by iFinex Inc. Ardoino&rsquo;s emergence as the CTO of Tether provided him with&nbsp;the opportunity to oversee the development of a strong portfolio of different programming languages for the company. Also, he developed various distributed systems, high-performance computing, and cloud platforms for Tether.<\/p>\n<p><iframe title=\"The Story of Tether, told by Bitfinex's CTO Paolo Ardoino, at the CryptoCompare Digital Asset Summit\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/MQD6OC5-5vk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The company recorded a noticeable increase between 2017 to September 2018. Then, the amount of USDT in circulation surged from about $10 million to about $2.8 billion. However, around October 2018, the stablecoin lost its dollar peg by slipping to $0.88. The setback surfaced due to the perceived credit risk that emanated after holders on Bitfinex traded USDT for BTC.<br>\n<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In December 2022, Tether and Bitfinex provided financial support for Ardoino to develop an encrypted peer-to-peer communication platform; HolePunch. While speaking about the project, the software developer referred to Hole Punch as a Bitcoin of communication.<br>\n<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Around December 30, 2020, there were concerns that Tether could be the next victim of the SEC&rsquo;s clampdown on crypto firms. The CTO addressed the FUD, stressing that the stablecoin issuer registered with the regulator.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Reminder: <a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&amp;ref_src=twsrc%5Etfw\">#Tether<\/a> is registered and regulated under FinCEN as all the centralised competitors. Strict KYC\/AML is applied to all Tether direct users, as the other main issuers are doing. Less regulated is just FUD. Ask yourself who benefits from spreading such misinformation? &#129313; <a href=\"https:\/\/t.co\/0izlgpJ75r\">https:\/\/t.co\/0izlgpJ75r<\/a><\/p>\n<p>&mdash; Paolo Ardoino &#127824; (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1344188750138646529?ref_src=twsrc%5Etfw\">December 30, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Without any doubt, USDT enjoys significant recognition in the virtual assets market. As of January 2023, the stablecoin was the third-largest cryptocurrency after Bitcoin and Ethereum with a market capitalization of $68 billion. Despite the struggles among its counterparts, it has continued to record massive growth in 2023. During the year, USDT&rsquo;s&nbsp;<\/span><span style=\"font-weight: 400;\">market dominance attained 65%. This feat strengthened its dominance as the largest stablecoin by trading volume.&nbsp;<\/span><\/p>\n<p>Later, Tether indicated plans to invest 15% of its operational profits into BTC every month. The stablecoin issuer made the announcement after it recorded $1.5 billion in net profit. Also, it announced plans to commence Bitcoin mining operations in Uruguay. The firm aims to carry out the mining operations in collaboration with a licensed company in the country.Likewise, it disclosed its intention to hire new employees to support its mining operations in the country.<\/p>\n<p>Shortly after the above announcement dominated the airspace, the stablecoin issuer made a surprising move in Georgia. There, it hit the ground running by making a&nbsp;<span style=\"font-weight: 400;\">strategic investment in CityPay.io, a payment processing company. The platform provides infrastructural support for Tether to improve its efficiency and convenience.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Tether expands its presence in Georgia&#127468;&#127466; <\/p>\n<p>We have invested in <a href=\"https:\/\/t.co\/14g9wt7PCC\">https:\/\/t.co\/14g9wt7PCC<\/a>, a leading local payment processing company. You can now pay with <a href=\"https:\/\/twitter.com\/hashtag\/USDt?src=hash&amp;ref_src=twsrc%5Etfw\">#USDt<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> in over 600 shops, hotels, and restaurants. <\/p>\n<p>Learn More &#128073; <a href=\"https:\/\/t.co\/WjrOAymJRv\">https:\/\/t.co\/WjrOAymJRv<\/a> <a href=\"https:\/\/t.co\/Ud78paop5O\">pic.twitter.com\/Ud78paop5O<\/a><\/p>\n<p>&mdash; Tether (@Tether_to) <a href=\"https:\/\/twitter.com\/Tether_to\/status\/1663886581357215745?ref_src=twsrc%5Etfw\">May 31, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Later, Tether joined its sister company, Bitfinex, to support El Salvador&rsquo;s adoption of Bitcoin. On June 5, 2023, the stablecoin issuer unveiled plans to commit $1 billion to a renewable energy project in the country. As reported, the Central American country wants to leverage the solar and wind energy project to power its Bitcoin mining operations.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Notably, Ardoino&rsquo;s popularity among the crypto community on Twitter has been instrumental to Tether&rsquo;s reputation on social media.&nbsp;<\/span><span style=\"font-weight: 400;\">His regular engagements with crypto enthusiasts on the microblogging app have, in recent years, helped in squashing rumors relating to the stablecoin. Recently, he addressed the FUD that came surfaced after&nbsp;<\/span><span style=\"font-weight: 400;\">Tether Minted more USDT on the Ethereum network. On June 12, 2023, the firm minted 1 billion USDT, pushing the total tokens on Ethereum to 2 billion. Also, the minted USDT increased the tokens produced within the first half of the year to 16 billion.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Then, the issue raised concerns among crypto enthusiasts. However, Ardoino assuredthem that the minting won&rsquo;t affect the market cap of the stablecoin. He added that the minted tokens would be used as inventory for the next phase of issuance requests and chain swaps.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Similarly, Ardoino&rsquo;s efforts on Twitter helped calm fears about the possibility of USDT losing its dollar peg on June 15, 2023. Then, the stablecoin briefly dipped by 0.3% pushing its price to $0.997. The dip manifested in reaction to an imbalance in Curve&rsquo;s 3pool. Ardoino, through his Twitter handle, urged the crypto community to remain calm about the stability of USDT. He assured them that Tether&rsquo;s reserve is healthy enough to help the stablecoin maintain the peg. Later, he shared a FUD meme, urging users to remain calm.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/QmHyYDNgwX\">pic.twitter.com\/QmHyYDNgwX<\/a><\/p>\n<p>&mdash; Paolo Ardoino &#127824; (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1669264734879641602?ref_src=twsrc%5Etfw\">June 15, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Over the years, Tether showed appreciable commitment to drive the global adoption of blockchain and cryptocurrency. In June 2023, it signed a memorandum of understanding with the government of Georgia to design Bitcoin and a peer-to-peer platform in the country. Both partners are expected to work on developing strategic infrastructure to aid the growth of crypto and blockchain startups in the country.<br>\n<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Paolo Ardoino (CTO, Tether) and Irakli Nadareishvili (Deputy Minister of Economy and Sustainable Development) signing the MOU for the collaboration between Tether and the Government of Georgia to develop Blockchain, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and Peer-to-Peer Infrastructure. <a href=\"https:\/\/t.co\/g3LayZxDPX\">pic.twitter.com\/g3LayZxDPX<\/a><\/p>\n<p>&mdash; Tether (@Tether_to) <a href=\"https:\/\/twitter.com\/Tether_to\/status\/1673988552739246080?ref_src=twsrc%5Etfw\">June 28, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On July 6, 2023, Tether added Cosmos to the list of USDT&rsquo;s supported chains. The stablecoin launched on the network through Kava. While speaking about the development, Paolo Ardoino stated that the Kava network&rsquo;s security mechanism is essential to protecting USDT users. With the support of Kava, he believes Tether will reshape the future of decentralized finance.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meanwhile, barely a few days later, Tether froze 2.5 million USDT from two addresses listed by Etherscan as &ldquo;Multichain Suspicious Addresses.&ldquo; The intervention from Tether surfaced after more than $125 million worth of crypto assets were withdrawn from multiple wallets on Multichain.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Update: Tether has frozen these accounts with &gt;2.5m USDT on Ethereum transferred from Multichain:<a href=\"https:\/\/t.co\/bFYACtQ7t6\">https:\/\/t.co\/bFYACtQ7t6<\/a><a href=\"https:\/\/t.co\/zlRybitcJC\">https:\/\/t.co\/zlRybitcJC<\/a><\/p>\n<p>Thank you <a href=\"https:\/\/twitter.com\/Tether_to?ref_src=twsrc%5Etfw\">@Tether_to<\/a> and the team for your quick response.<\/p>\n<p>&mdash; Fantom Foundation (@FantomFDN) <a href=\"https:\/\/twitter.com\/FantomFDN\/status\/1677616339362488321?ref_src=twsrc%5Etfw\">July 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">On July 31, the stablecoin firm published its reserve attestation for USDT. As revealed, it possesses a reserve excess of $3.3 billion after adding $850 million to its USDT reserves. According to the publication, Tether&rsquo;s exposure to Treasury Bill amounts to about $72.5 billion.<br>\n<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Later in August, the firm blacklisted the address of a bad actor who stole $20 million worth of USDT. As reported, the scammer used a zero-transfer phishing attack to rob people of their funds. Within 2023 alone, bad actors had stolen more than $40 million worth of virtual assets.&nbsp;<\/span><\/p>\n<h2>Lawsuit and Controversy<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While Bitfinex was starting to find its feet in the industry, the exchange endured a significant setback. In 2016, the United States Commodity Futures Trading Commission (CFTC) slammed a $75,000 fine on the exchange. The regulator accused Bitfinex of offering illegal off-exchange financed commodity transactions. Similarly, CFTC said the firm violated its regulatory stipulations by failing to register as a Futures Commission Merchant.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In 2019, the CTFC ordered Bitfinex&rsquo;s sister firm, Tether to pay $41 million <\/span><span style=\"font-weight: 400;\">fine for failing to truthfully disclose the composition of its USDT&rsquo;s reserve. According to the regulator, Tether held sufficient fiat reserves in its accounts to back the total USDT in circulation between June 1, 2016, to February 25, 2019. Furthermore, the CFTC added that the firm refused to audit its account within the specified period.<br>\n<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">More so, the regulator made reference to how Tether employed&nbsp;<\/span><span style=\"font-weight: 400;\">an accounting firm to review its reserves between some selected days. Meanwhile, its sister company, Bitfinex allegedly transferred over $382 million to its bank account prior to the review.<\/span><\/p>\n<p>The same year, the two firms also became the subject of another controversy. Then,&nbsp;<span style=\"font-weight: 400;\">a New York-based legal firm filed a lawsuit, accusing them of manipulating the crypto market. The legal firm; Roche Freedman said Tether and Bitfinex defrauded investors by manipulating markets and concealing illicit proceeds.<br>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, in response, the two firms said the petitioner instituted<\/span><span style=\"font-weight: 400;\">&nbsp;the lawsuit to spite them and&nbsp;<\/span><span style=\"font-weight: 400;\">undermine the crypto community. They described the allegations as baseless and pledged to defend themselves.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Later, New York Attorney General Letitia James commenced an investigation into the usage of Tether&rsquo;s reserves by Bitfinex to cover a loss of $850 million. Amid the probe, the crypto market lost $10 billion due to concerns among investors. However, in 2021, the New York attorney general&rsquo;s office agreed to settle its rift with the two companies. Consequently, Bitfinex and Tether paid $18.5 fine to the regulator.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bitfinex and CTFC crossed paths again in 2021. This time around, the regulator accused the exchange of engaging in illegal off-exchange retail commodity transactions with Americans. After several engagements, Bitfinex paid $1.5 million in fines to the CFTC.<br>\n<\/span><\/p>\n<p>Shortly after, two investors, namely Anderson and Dolifika filed a lawsuit against Tether and Bitfinex. The investors alleged that the issuer of USDT misinformed holders about the reserves of the stablecoin. They argued that the reserve of Tether lacks the backing of the United States Dollar.<\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In the filing, the investors said they wouldn&rsquo;t have invested in USDT if they were informed about the state of the stablecoin&rsquo;s reserve. On August 4, 2023, Ardoino confirmed that the court dismissed the case because it lacked any &ldquo;plausible allegations of injury.&rdquo; Paolo, in his submission, stated that the complainants presented nothing as evidence to prove that they lost their investments in the token.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It's a good Friday.<a href=\"https:\/\/twitter.com\/hashtag\/Tether?src=hash&amp;ref_src=twsrc%5Etfw\">#Tether<\/a> and <a href=\"https:\/\/twitter.com\/bitfinex?ref_src=twsrc%5Etfw\">@Bitfinex<\/a> Win Comprehensive Legal Victory as U.S. District Court Dismisses Class Action Lawsuit<\/p>\n<p>The Court correctly held that plaintiffs&rsquo; complaint lacked any &ldquo;plausible allegations of injury&rdquo; because it includes no facts showing that &ldquo;USDT had a&hellip;<\/p>\n<p>&mdash; Paolo Ardoino &#127824; (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1687566761997090816?ref_src=twsrc%5Etfw\">August 4, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Is Paolo Ardoino Pro Crypto?<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Paolo Ardoino&rsquo;s antecedent has undoubtedly established him as one of the foremost proponents of crypto. According to our findings, his first exposure to the world of crypto happened in 2012. Then, he came across Satoshi Nakamoto&rsquo;s Bitcoin white paper and read it well. What he saw in the document inspired him to pick up an interest in crypto. <\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In a recent interview with a prominent publication, Ardoino reflected on how he was encouraged by the &ldquo;idea that people could take care of their own wealth without banks or other intermediaries and that the millions of unbanked and underbanked worldwide could have access to financial services.&rdquo;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&ldquo;After reading the white paper, I fell in love as it was representing everything that I liked in terms of a resilient system and so on. Plus, it was a pure financial application that could create a real disruption in the financial industry. It was clear to me after working with banks and hedge funds that the system was broken. I&rsquo;m not even talking about the fact that finance is centralized and an obscure industry for billions of people, I&rsquo;m talking more about the ability of having people taking care of their own wealth. And this is why I wanted to contribute, even in a small way, to this financial revolution,&rdquo; he added.<\/span><\/p>\n<p><iframe title=\"120. The Future of Stablecoins w\/ Paolo Ardoino\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/HCZ67zPyiCg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Although crypto was very unpopular at that time, Ardoino had no doubt about its potential. This was why he had to join Bitfinex as early as 2014 to contribute his expertise towards enhancing crypto trading. He knew the development of a reliable, stable, and accessible trading platform was imperative at that time to foster mass adoption of cryptocurrencies. Driven by this commitment, Ardoino redesigned the trading platform of Bitfinex, thereby aiding its scalability and availability. Similarly, the Bitfinex CTO, over the last decade, also led the exchange to initiate numerous educational programs to enlighten crypto users on the opportunities enveloped in Bitcoin and its underlying tech, blockchain.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ardoino&rsquo;s steadfastness with Bitfinex earned him an appointment with Tether in 2017. So far, he has continued to manage both Bitfinex and Tether diligently. His invaluable contributions have been instrumental to the successes attained by these firms in recent years. Today, while Tether is a leader in the world of stablecoins, Bitfinex also ranks well on the list of top crypto exchanges across the globe. Tether, under his guidance as the CTO, has consistently embarked on numerous initiatives to scale the adoption of Bitcoin and stablecoin. Recently, it brought world leaders, technologists, crypto developers, entrepreneurs, and many more together at a conference to discuss varieties of topics on crypto and blockchain.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In 2022, Ardoino led Tether to conduct a conference, tagged PlanB forum in Lugano, Italy. The conference was graced by notable experts in the industry, including Nick Szabo, Adam Beck, and many more. He, alongside other members of the panel, evaluated the emerging perception of the cypherpunk movement. It is worth establishing that the movement believes in the widespread application of cryptography and private-oriented tech to ensure an open society. After several deliberations, Ardoino affirmed the commitment of Tether to preserve the ethos of the cypherpunk movement by investing in Bitcoin.&nbsp;<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Best promo ever for a <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> conference! <a href=\"https:\/\/twitter.com\/hashtag\/lugano?src=hash&amp;ref_src=twsrc%5Etfw\">#lugano<\/a> 28\/29 October 2022.<br>&#10084;&#65039;&#127464;&#127469;<a href=\"https:\/\/twitter.com\/LuganoPlanB?ref_src=twsrc%5Etfw\">@LuganoPlanB<\/a> <a href=\"https:\/\/t.co\/ExrrrIlx9f\">https:\/\/t.co\/ExrrrIlx9f<\/a><\/p>\n<p>&mdash; Paolo Ardoino &#127824; (@paoloardoino) <a href=\"https:\/\/twitter.com\/paoloardoino\/status\/1568497748671881216?ref_src=twsrc%5Etfw\">September 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Likewise, he also spoke about the kind of regulation that is needed in the industry. His belief is that &ldquo;good regulation is the one that understands the technology and the one that wants to actually protect the consumer.&rdquo; Therefore, he called on regulators to make distinctions between beneficial and destructive projects in their activities. Also, Ardoino wants them to focus more on existing financial systems rather than cryptocurrencies.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&ldquo;In the last two years, I&rsquo;ve been in good contact with regulators that are 100% interested in creating a safe environment for cryptocurrencies and blockchain technology to thrive,&rdquo; he added.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As the CTO of Tether and Bitfinex, Ardoino has got to address numerous FUDs. He understands that panic spreads faster in crypto. In a 2022 interview, the expert said; &ldquo;The crypto industry is like a small town. It&rsquo;s a small Italian town where you spread these words and everyone panics&hellip; So you get a lot of sell pressure and you get a few traders that are mounting that pressure. But actually, there are few smart traders that are making money because they are buying cheap USDT from the market, 30 basis points is a lot of profit for market makers, and they are coming to the primary market and redeeming them for the dollar.&rdquo;<\/span><\/p>\n<p><iframe title=\"How Tether Crushes FUD And Embarrasses Haters While Making Billions | Paolo Ardoino, CTO Of Tether\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/LC8i25drsTM?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>Just recently, he addressed a wave of FUD that dominated the crypto space after several hedge funds shorted their exposure to Tether (USDT). Then the CTO described the development as a &ldquo;coordinated attack&rdquo; from the hedge funds and &ldquo;as a new wave of FUD, troll armies, clowns, etc.&rdquo; He, however, assured customers that Tether has 100% reserve support for its USDT stablecoin and has never experienced redemption failures.<\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ardoino added that &ldquo;despite all the public 3rd party attestations, our collaboration with regulators, our increased transparency efforts, our commitment to phase out CP exposure and move into US Treasuries, our settlements, &hellip; they kept thinking and suggesting that we, Tether, are the bad guys.&rdquo;<\/span><\/p>\n<p><iframe title=\"Paolo Ardoino on Tether FUD, Tether reserves, Holepunch, and Keet\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/GFWT3TLFs9g?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meanwhile, Ardoino is specifically fascinated by Bitcoin. Over the years, he expressed bullish views about the crypto, advising firms to invest in its development to avert a potential drop in adoption. The CTO has no doubt about the potential of Bitcoin to function as a means of payment, a store of value, and a mechanism for tracking its illicit usage. <\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Also, he is always confident that it won&rsquo;t struggle for acceptance and adoption due to its &ldquo;permissionless features, and its ability to create a more open and equitable world.&rdquo; According to him, the decentralized nature of Bitcoin helps to provide a lasting solution to various problems in traditional financial systems. To Ardoino, Bitcoin is a digital gold that helps to facilitate a level playing ground in the economy because of its easy accessibility and universality.&nbsp;<\/span><\/p>\n<p><iframe title=\"FinancialFox | Exclusive Interview with Bitfinex &amp; Tether CTO Paolo Ardoino\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/HG6ub9t2O04?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meanwhile, despite the various developments that have greeted Ethereum in recent years, the Tether CTO is still very sure the crypto cannot compete with Bitcoin at any point. Ardoino, in his recent submission, argued that &ldquo;while&nbsp; bitcoin is a form of money, Ethereum is stuck between claims of being a form of money and claims of being a platform, but ETH cannot compete with Bitcoin on the money front because there is no fixed supply, and it isn&rsquo;t really a world computer yet because it has a shared global state and hence too slow to be scalable.&rdquo;<\/span><\/p>\n<p><iframe title=\"Paolo Ardoino on Tether's Billion-Dollar Profits, Plans to Buy Bitcoin, &amp; USDT Adoption\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/BImTTNEsVog?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In early 2023, banking giants in the United States, including Silvergate experienced a devastating crisis that almost led to their total collapse. Then, the crisis resulted in a sharp spike in the price of Bitcoin as investors became extremely skeptical about the traditional banking system. Ardoino&rsquo;s position at that time was that the development could help Bitcoin retest its all-time high.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&ldquo;Given the geopolitical situation we are in, the banking industry situation we are in, I think people are getting scared. So when there are bank runs around the world, I think Bitcoin is the only asset that you can really hold yourself. You can hold in your hardware wallet and it is a hedge against everything that could happen or already happened in the past months or could happen in the future,&rdquo; the CTO argued.<\/span><\/p>\n<p><iframe title=\"Tether CTO says bitcoin can 'retest' all-time highs this year\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/zWnzpyhw0hk?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ardoino also reflected on how 2022 happened to be the most challenging year for crypto projects and the industry at large. He highlighted how the crash of Terra and FTX triggered the collapse of numerous crypto firms including Celsius, 3AC, BlockFi, Genesis, and several others. His belief is that the aforementioned firms became vulnerable because their activities were miles away from the original Bitcoin vision.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&ldquo;The past year has definitely been challenging for many crypto companies, but also for many people who believe in crypto. In a way, it feels like the crypto space betrayed the trust that many people put into it because of some projects&rsquo; greed and lack of vision. And many projects really blew up, creating a cascading effect,&rdquo; Ardoino said.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">He added; &ldquo;When the first block of Bitcoin was announced on January 3, 2009, the concept was that the entire world economy was on the brink of failure so &ldquo;Let&rsquo;s create something completely more resilient &ndash; not guided by humans. Because if humans guide it, then we end up being greedy again.&rdquo; I feel like crypto in 2022 demonstrated the fast-paced issues of traditional finance, proving there isn&rsquo;t much difference between crypto and traditional finance.&rdquo;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nevertheless, Ardoino does not believe the industry has started witnessing mass adoption, and recently stressed that &ldquo;there is still a long way to go.&rdquo;&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">&ldquo;Mass adoption is not here and will not be here for a few more years. The main issue is user experience, we have to do a lot of work on education and user experience. We are still using terms like OTC that people don&rsquo;t understand.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Ardoino has also, on numerous occasions, shared his views on Central Bank Digital Currencies (CBDCs). His belief is that the adoption of this asset could bridge the gap in the utility of crypto for payments. However, he advised central banks to tread carefully owing to the possible impact of the innovation on the traditional banking system.&nbsp;<\/span><\/p>\n<p><iframe title=\"#TheCheckPoints - Tether on Georgia, Regulation and CBDC - Interview with Paolo Ardoino\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/PhdDKOa2mH0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">He said; &ldquo;If CBDCs are successful, that could completely kill the banking layer in a country. The cryptocurrency industry always said that they were trying to revolutionize the bank and kill the bank. But imagine if instead it&rsquo;s the central banks that are killing the banks. Because with the CBDC, the central bank could offer loans with the CBDC. The central bank could also make transaction fees.&rdquo;<\/span><\/p>\n<h2>Crypto and NFT Holdings of Paolo Ardoino<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Although Paolo Ardoino is yet to publicly talk about his holdings, there&rsquo;s no doubt that he owns a crypto portfolio that is largely dominated by Bitcoin. He has been bullish about Bitcoin since he came across its white paper in 2012. Just like other prominent <a href=\"https:\/\/insidebitcoins.com\/bitcoin-investors\">Bitcoin investors<\/a>, the Tether CTO invested very early and made huge returns from his investment a few years later. Therefore, it is safe to assert that the massive returns contributed to the net worth of Paolo Ardoino.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There are no indications that Ardoino holds NFTs in his personal portfolio. But, over the past few years, he leveraged Bitfinex to onboard different varieties of NFT collections. For instance, around 2022, Bitfinex under his leadership, listed APENFT, the official governance token of the APE Foundation. Then, Ardoino described the NFT space as &ldquo;a source of great innovation in the digital token economy with APENFT playing a leading role in driving its development by supporting many creative projects.&rdquo;<\/span><\/p>\n<h2>Crypto and NFT Projects Featuring Paolo Ardoino<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Paolo Ardoino has been featured in several NFTs, particularly on OpenSea. One of the NFTs features the portrait of the Tether CTO on a blue background. The artist minted it to acknowledge Ardoino&rsquo;s contributions to Tether, Bitfinex, and the crypto world at large.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meanwhile, it is expected that Ardoino will be featured on Wall Street Memes. Don&rsquo;t forget that the project has, over the past few years, shown consistency by featuring top guys in the industry on its Instagram and Twitter memes. Just recently, the likes of <a href=\"https:\/\/insidebitcoins.com\/bitcoin-investors\/jim-cramer-net-worth\">Jim Cramer<\/a>, <a href=\"https:\/\/insidebitcoins.com\/bitcoin-investors\/jeff-bezos-net-worth\">Jeff Bezos<\/a>, <a href=\"https:\/\/insidebitcoins.com\/bitcoin-investors\/changpeng-zhao-net-worth\">Changpeng Zhao<\/a>, and several others were featured.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">By tapping into the potential of memes, Wall Street Memes seeks to fight the agelong stigma and facilitate more innovations in the crypto world. Through this impressive endeavor, it has been able to win the trust and support of a well-established social media community. <\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Most of its memes are so attractive and mind-boggling that they often drive widespread attention, particularly on Instagram. Today, Wall Street Memes has cemented its position as one of the leading meme platforms. Recently, it earned interactions with popular Twitter boss, Elon Musk.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"qme\" dir=\"ltr\">&#129315;<\/p>\n<p>&mdash; Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1649784663924244482?ref_src=twsrc%5Etfw\">April 22, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meanwhile, it is worth noting that the team behind the project is not only into memes alone. It enjoys a solid presence in the NFT market since its 2021 success with Wall Street Bulls. Then, the red-hot digital collection sold within hours of going live on OpenSea, thereby raising $2.4 million in returns for the team. Recently, it built on this success by releasing 420 ultra-rare Bitcoin Ordinals NFTs into the market. By doing so, the team has proven its ability to stay on top of trends.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Apart from its ultra-rare NFTs, Wall Street Memes also has a native token, $WSM which was launched to expose members of the community to its financial development. The presale of the token, which started around May 2023, has been the talk of the crypto town, turning heads of investors. One of the attributes of the meme coin that entices investors is its tokenomics. <\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The team behind the project understands the significance of the community in the long-term success of the meme coin. Therefore, it designed its tokenomics in a way that places the future of the project in the hands of this community. With 50% of its total supply allocated to early investors, 30% to community rewards, and 20% to exchange liquidity, it is safe to affirm that $WSM is up for a good start.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Investors are also excited about the interest of Elon Musk in the project. They believe his support for it shows that there is great potential in $WSM. The wave of hype and excitement around the ongoing presale has also been fueled by the activities of prominent crypto influencers, like Michael Wrubel, Satoshi Stacker, and several others that have continued to feature the presale on their YouTube channels with huge subscribers. V<\/span><span style=\"font-weight: 400;\">isit <a href=\"https:\/\/insidebitcoins.com\/visit\/wallstreetmemes\" rel=\"nofollow\">wallstmemes.com<\/a> to learn more.&nbsp;<\/span><\/p>\n<h2>Paolo Ardoino&rsquo;s Net Worth &ndash; Our Verdict<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">We can safely regard Paolo Ardoino as one of the prominent Chief Technology Officers (CTOs) in the industry. Over the last decade, he consistently puts his expertise in programming and software development into use to help Bitfinex and Tether become two of the most reliable crypto firms across the globe. By effectively managing the technological developments of both firms at the same time, the CTO has undoubtedly demonstrated his capacity.&nbsp;<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Without any doubt, his activities in the crypto world have continued to earn him fortunes. According to our estimates, Paolo Ardoino has a net worth of about $28 million in 2023, courtesy of his earnings as Tether CTO and personal investment in Bitcoin.&nbsp;<\/span><\/p>\n<p style=\"text-align: center;\">                                        <\/p><div class=\"inContentProviderSingle inContentColor--insidebitcoins fc-row\">\n                        <div class=\"inContentProviderSingle--wrapper\">\n                            <div class=\"container\">\n                                <div class=\"row mb-lg-3\">\n                                    <div class=\"col-12 col-md-8\">\n                                        <p class=\"inContentProviderSingle--title\">Smog (SMOG) - Meme Coin With Rewards<\/p>\n                                    <\/div>\n                                    <div class=\"col-12 col-md-4\">\n                                        <div class=\"inContentProviderSingle--rating\">\n                                            <div class=\"rating--holder\">\n                                                <p class=\"rating--text\">Rating<\/p>\n                                                <div class=\"rating--star-container\">\n                                                    <div class=\"rating--star\" style=\"width: 100%;\"><\/div>\n                                                <\/div>\n                                            <\/div>\n                                        <\/div>\n                                    <\/div><!--\/.col-md-4-->\n                                <\/div><!--\/.row-->\n                                <div class=\"row\">\n                                    <!-- *******  Desktop Provider Logo ********** -->\n                                    <div class=\"col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none\">\n                                        <img decoding=\"async\" class=\"inContentProviderSingle--img mb-3\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2024\/02\/smog-token.svg\" alt=\"Smog token\" width=\"125\" height=\"60\">\n                                    <\/div>\n\n                                    <div class=\"col-12 col-md-8\">\n                                                                                    <ul class=\"inContentProviderSingle--list\">\n                                                                                                    <li>Airdrop Season One Live Now<\/li>\n                                                                                                    <li>Earn XP To Qualify For A Share Of $1 Million<\/li>\n                                                                                                    <li>Featured On Cointelegraph<\/li>\n                                                                                                    <li>Staking Rewards - 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In recent years, the software developer made a name for <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/in-content-providers\/a-default-box\" title=\"A Default Box\">[&#8230;]<\/a><\/div>","protected":false},"author":1917,"featured_media":427146,"parent":387623,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paolo Ardoino Net Worth, Crypto and NFT Investments<\/title>\n<meta name=\"description\" content=\"Tether and Bitfinex CTO Paolo Ardoino is often in the news, addressing FUD - we look into his background and net worth in 2024.\" \/>\n<meta name=\"robots\" content=\"max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paolo Ardoino Net Worth, Crypto and NFT Investments\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2023\/08\/Paolo-Ardoino.png\" \/>\n\t<meta property=\"og:image:width\" content=\"425\" \/>\n\t<meta property=\"og:image:height\" content=\"308\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"23 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047\"},\"author\":{\"name\":\"Olaleye Komolafe\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/ebb6dd66099353871472c9c61a4494db\"},\"headline\":\"Paolo Ardoino Net Worth, Crypto and NFT Investments\",\"datePublished\":\"2023-08-05T22:48:32+00:00\",\"dateModified\":\"2023-08-05T22:48:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047\"},\"wordCount\":5116,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"inLanguage\":\"en-US\",\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047#primaryimage\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047\",\"name\":\"Paolo Ardoino Net Worth, Crypto and NFT Investments\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/#website\"},\"datePublished\":\"2023-08-05T22:48:32+00:00\",\"dateModified\":\"2023-08-05T22:48:32+00:00\",\"description\":\"Tether and Bitfinex CTO Paolo Ardoino is often in the news, addressing FUD - we look into his background and net worth in 2024.\",\"breadcrumb\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047\"]}],\"primaryImageOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047#primaryimage\"}},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/pages\/427047#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Rich Bitcoin Investors List &#8211; 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