Bitfinex CEO Jean-Louis Van Der Velde, native to the Netherlands, founded Bitfinex in 2013. Bitfinex is one of the oldest crypto exchanges in 2013. Besides serving as the head of Bitfinex, Van Der Velde is also the CEO of stablecoin issuer, Tether (USDT).
Bitfinex is a peer-to-peer cryptocurrency exchange it offers digital assets trading services to crypto traders worldwide. The platform has seen its fair share of ups and downs; however, it has positioned itself firmly in the crypto sphere today.
More cryptocurrencies have been added to the network as part of Bitfinex expansion. Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, Ripple, Monero, NEO, OmiseGO, and EOS, are among cryptocurrencies available through Bitfinex.
As per the official website, the mission of Bitfinex is to offer users the “ultimate cryptocurrency trading experience”.
Educational Background Of Van Der Velde
Van Der Velde completed his education in the 1980s from the National Taiwan Normal University and has also spent three decades working in the tech space. It is also interesting to note that Van Der Velde moved to Taiwan to attend university in 1985 from the Netherlands and never returned.
According to his LinkedIn profile, Van Der Velde is quite well-versed in different languages such as Chinese, Dutch, English, German, Italian, and French.
The net profit of his company Bitfinex was recorded to be $404 million in 2018 as per an unaudited report. Many are interested in finding out the net worth of Van Der Velde; however, there are no such reports on his salary; however, it is known that he has made significant investments in digital currency.
Work Experience Of Jean-Louis Van Der Velde
Jean holds 30 years of working experience in the high-tech industry, switching to a higher level in international banking and Fintech.
In addition, Velde has also co-founded various IT firms in Asia, ranging from software development to hardware design and development.
Before launching Tether, the leading stablecoin in the crypto industry today, Jean-Louis Van Der Velde ran a company against which a string of lawsuits was levied on China because of the unpaid bills and fines for the late payments of tax.
As crypto became more mainstream, investors heavily relied on stablecoins for buying and selling volatile crypto assets such as Bitcoin.
However, from its inception in 2014, as the role of Tether increased in the crypto sphere, $78bn is the current circulation of stablecoins, and with it, the regulators’ watch over the digital assets have also increased. With the rapid rise of the company, the spotlight has also shifted to Jean-Louis van der Velde.
It was indeed difficult to predict the legendary trajectory of 58-year-old Dutch’sDutch’s career, who was doing IT sales in Hong Kong, the software industry in Germany, and a Chinese electronics manufacturer, showed zero signs of the significant role he would hold in the future.
What’s With Huashun And Van Der Velde?
The legal and corporate records also show the tenure of Velde operating Huashun Electronics, a company based in Shenzhen that was the manufacturer of Television receivers and amplifiers for export; Velde stepped in 2006.
According to the records from a Chinese court, Huashun came under stress due to an ever-growing collection of bills.
A creditor whose company supplied metal parts to Huashun shared that the company wasn’t properly managed and was unable to pay the money back. The creditor then sued Huashun and van der Velde in 2012.
After leaving the Netherlands in his 20s to attend university in Taiwan, he has spent much of his life in Hong Kong. As per the Chinese government records, Van der Velde is still the technical owner of Huashun via Perpetual Action Group (Asia) Inc, or PAG Asia, an offshore entity. Cut to present, and van der Velde looks after billions of dollars worth of assets at Tether.
USDT, a stablecoin pegged to the price of the U.S dollar, is issued by Tether, based in Hong Kong. As opposed to what was initially decided by Tether, it doesn’t hold reserves in cash; its token today is backed by assets such as treasuries, commercial paper, and other digital tokens.
Why Did The CEO Not Have A Twitter Account?
In October 2021, after a Bloomberg report inquired him about his company’s backing of its reserves, Jean-Louis van der Velde deleted his Twitter account. In response to the allegations, Tether dismissed the report as misleading and said that the stablecoin is entirely backed.
The article also claimed other claims, such as that the Tether CEO owes billions of funds to investors from China. The agency also said that it had several documents showing an account of Tether Holdings’s reserves that shows “billions of dollars of short-term loans to large Chinese companies.”
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/04/15/all-you-need-to-know-about-bitfinex-ceo-jean-louis-van-der-velde/