- Tether executives purchased $1.7 million worth of luxury real estate in El salvador‘s elite golf resort.
- Chief Financial Officer Giancarlo Devasini owns 15 companies in El Salvador, with 11 registered at the same office location.
- Local property values in Bitcoin Beach area increased by 130% since 2021’s Bitcoin law implementation.
- Some Tether executives obtained Salvadorian citizenship alongside their property acquisitions.
- The luxury developments face criticism over water resource allocation in surrounding communities.
Tether’s top executives are establishing deep roots in El Salvador through substantial real estate investments and business ventures, according to local property records and corporate filings. The moves come as the stablecoin issuer strengthens its presence in the Bitcoin-friendly nation.
Strategic Property Acquisitions
Paolo Ardoino and Claudia Lagorio, Tether’s CEO and COO respectively, acquired two land parcels valued at $1.7 million in the prestigious Condominio Villanueva Golf Country Club development. The property records revealed both executives have obtained Salvadorian citizenship.
Meanwhile, Giancarlo Devasini, Tether’s CFO, purchased a $2 million residence on Tecana Street in San Salvador, sharing ownership with Bitcoin artist Valentina Picozz.
Corporate Expansion
Devasini’s business interests extend beyond real estate, with documentation showing his ownership of 15 Salvadorian companies. Eleven of these entities were registered between February and June 2023 at a single address in San Salvador’s World Trade Center. His companies, including Inversiones Odomin and GCH Hospitality, are actively acquiring properties in San Salvador’s central district.
Bitfinex, Tether’s sister company, has also relocated its derivatives operations to El Salvador, where it maintains close ties with President Nayib Bukele’s administration.
Economic Impact and Concerns
The influx of cryptocurrency entrepreneurs has triggered significant property value increases in El Salvador. The “Bitcoin Beach” area has seen land prices surge by 130% since the country adopted Bitcoin as legal tender in 2021.
However, these developments face scrutiny over resource allocation. In 2014, Yanira Cortez from El Salvador’s Human Rights Ombudsman Office highlighted concerns about luxury developments straining water supplies in nearby communities already experiencing shortages.
Tether has also engaged in political relationship building, hiring a lobbying firm connected to Bukele’s administration to facilitate connections with U.S. Republican politicians and Trump supporters.
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