Tether to Build $50M Skyscraper in El Salvador: Crypto Hub Expands

Tether, the issuer of USDT and a major player in the crypto space is moving to El Salvador.

Not only is the company relocating its HQ to the country but also building a skyscraper called the Tether Tower. The announcement was made by President Nayib Bukele and it shows El Salvador’s continued push to become a global crypto hub.

The Tether Tower will be located in the capital city San Salvador and will be a symbol of the company’s long term commitment to the region. Tether is focusing on emerging markets and is using El Salvador’s crypto friendly policies, including being the first country to adopt Bitcoin as legal tender.

Tether Tower: A Signal of Growth

CEO Paolo Ardoino confirmed the project, “Tether is moving to El Salvador. We will build our Tether Tower in San Salvador. Many others will follow” he said on social media. The skyscraper will cost around $50 million and will be a physical presence for Tether and a beacon for other tech and crypto companies.

Tether currently has a small team of around 100 employees but plans to double that by mid 2025 to accommodate the growth. The Tether Tower will house offices for Tether and its affiliated companies, including Bitfinex which will also expand its regional presence.

Key Features of Tether Tower:

• Estimated cost: $50 million.

• Location: San Salvador.

• Completion goal: 2025.

• Designed to attract tech and crypto firms to El Salvador.

Crypto-Friendly El Salvador: A Growing Magnet

Tether’s announcement fits into a broader trend of tech and crypto companies moving to El Salvador. The country’s crypto friendly regulations and President Bukele’s support for blockchain has already attracted several companies. Recently Rumble, a video distribution and cloud computing company announced it will open offices in El Salvador as its regional hub.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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