Paolo Ardoino, CEO of Tether, the issuer of USDT and one of the larger companies in the crypto space, has confirmed plans to physically relocate part of its operations to El Salvador besides moving its headquarters to the country. President Nayib Bukele revealed that the company will build a skyscraper, the Tether Tower, in an undisclosed location.
Tether, one of the largest companies in the cryptocurrency industry, has confirmed that it is making big moves in El Salvador concerning its recent headquarters announcement. As part of this push toward focusing on emerging markets and establishing a foothold in El Salvador, the company plans to build a skyscraper in the country, hinting at relocating part of its offices too.
The announcement was first made by El Salvador’s President Nayib Bukele, who disclosed that besides moving its headquarters, Tether would build a skyscraper, called “Tether Tower,” in a yet undisclosed location.
Discussing the subject, Bukele stated:
In fact, I’m going to tell you something they told me: They are going to build their own tower. A skyscraper. And it’s obviously going to be full of people.
The construction of a skyscraper hints at upcoming similar movements from Tether’s family companies, including Bitfinex, that might need a large physical space for developing their activities. While Tether has only nearly 100 employees, the company plans to expand its headcount by mid-2025 to 200.
Read more: Tether to Increase Its Workforce to 200 by Mid-2025, Says CEO Paolo Ardoino
Tether CEO Paolo Ardoino confirmed the news, remarking on social media that this would become a trend among crypto and tech companies. “Tether is moving to El Salvador.
We will build our Tether Tower in San Salvador. Many others will follow,” Ardoino concluded.
Tether’s announcement comes on the heels of a deal between Rumble, a cloud computing and video distribution company, and the government of El Salvador. As part of this service deal, Rumble will also establish offices in the country, seeking to make El Salvador its entrance to serving other countries in the region.
Read more: El Salvador Inks Cloud Services Agreement With Rumble