Victor Ugochukwu · Oct 26, 2020 . 5min read
Tether to invest in RGB and OmniBolt says Paolo Ardoino
Tether plans to re-invest in the crypto space.It will invest in startups that share the same mission and vision like RGB and Omnibolt, announces its CTO
By Komal Joshi · Jul 24, 2020 . 5min read
On 22nd July, Paolo Ardiano, CTO of Bitfinex and Tether announced about the latter’s plan of funding RGB and OmniBolt project. RGB is an L2 protocol to issue assets on top of the Lightning Network. Whereas, OmniBolt has the same goal as RGB, though concentrated on leveraging the Omni layer protocol.
Bitfinex is a digital asset trading platform for digital currency traders and global liquidity providers. Established in 2012, it is one of the first professional platforms set up to accommodate the booming interest in cryptocurrency trading. Bitfinex and Paolo Ardoino’s belief in layers on top of Bitcoin and Lightning network constituted them one of the main parents of LNP/BP Standards Association. Thus, managing RGB generalized lightning network and much more.
Paolo Ardoino joined Bitfinex at the commencement of 2015 and now works as Chief Technology Officer. Moreover, Paolo was designed to fill this role from his earliest communication with computers, swiftly becoming preoccupied with hardware and networks. In 2016, Paolo transitioned to the role of CTO at Bitfinex.
Paolo Ardoino also commented on governments pushing for CBDCs. Moreover, he states that recent pushes for governments to adopt regulatory paths towards central bank digital currencies won’t unfavourably affect stablecoins such as Tether.
He further went on advocating that Tether will continue to invest in startups that share a similar mission and vision. Currently, they are striving towards connecting with businesses that are keen on using tether as a primary means of payment for their operations whether internally or externally.
“In the long term, we believe that Tether will continue to exist alongside CBDCs,” the Tether CTO said in a statement, quoting the token’s performance on various different blockchains, including Algorand, Ethereum, Liquid Network, EOS, Omni and Tron. “Tether will remain in demand as it continues serving and unifying a variety of ecosystems.”
Ardoino stated in a statement that it was unlikely for CBDCs in any country to replace Tether (USDT) as the token has dwarfed rival stablecoins like USD Coin (USDC) and Binance USD (BUSD) in terms of market cap, trading volume, and the number of users.