Paolo Ardoino, CEO of Tether, the stablecoin company, has discussed the company’s plans after moving to El Salvador. Ardoino disclosed the construction of a 70-story skyscraper that will be occupied by other tech and crypto companies.
Tether Opens up on 70-Story Skyscraper Construction in El Salvador
Tether, the company behind USDT, a stablecoin worth close to $140 billion, has offered more details about the construction of its headquarters skyscraper, called Tether Tower, and its future in El Salvador.
Paolo Ardoino, CEO of the company, clarified that the building, which will be up to 70 stories high, will be a testament to the company’s faith in President Bukele’s commitment to the crypto industry.
“I think it is important to invest in infrastructure here. The tower will be a symbol of prosperity and growth of the country,” Ardoino told the local press. He reinforced that Tether is not going to put its logo on just any building.
Ardoino also revealed the reason for the size of the building. Tether will not be the only host of the building, as more companies following in Tether’s footsteps will also be located there, though he failed to disclose which companies.
Paolo also discussed the company’s mission in El Salvador. He declared:
We are here to invest in the country. The tower is an example, but we want to hire a lot of people, because the tower has to be filled with people. We are already hiring to help us with compliance issues and technology departments.
Rumble, a company backed by Tether, is also looking to open offices in El Salvador and start hiring locally. It recently completed a deal with the local government to offer cloud computing services.
Read more: El Salvador Inks Cloud Services Agreement With Rumble
Ardoino also highlighted the relevance of the nation’s stance on crypto in this context. “We need stability and an adequate regulatory framework, and El Salvador is one of the few countries that has truly understood the potential of digital assets,” Ardoino asseverated, justifying the move of its headquarters to El Salvador.
Read more: Tether Relocating to El Salvador After Receiving Stablecoin Issuer License
“It is the country of the future. I believe that El Salvador and Latin America will be one of the main spaces for the world’s future. Europe is in decline,” Ardoino concluded.
