Giancarlo Devasini is an important figure in the cryptocurrency industry, known for his role as the Chief Financial Officer (CFO) of Tether and Bitifinex. These are two companies that are big players in the digital asset platform. Tether is a company that issues USDT, a digital currency which directly linked to the value of the U.S. dollar.
It’s called a stablecoin because its value stays steady, unlike other cryptocurrencies that can rise and fall quickly. Bitifinex is one of the largest platforms where people can buy, sell, and trade these digital currencies. Devasini’s work with these companies has been paramount in managing their finances and helping them grow.
Early Life
Devasini was born in the year 1964 in Turin. Before entering the world of cryptocurrency, Devasini had a very different career. He began his professional life as a doctor. He trained in Italy, from where he earned his degree in surgery. But after completing his studies, he realised that medicine wasn’t the path he wanted to pursue. He turned his attention to the technology sector which was just starting to take off.
Career
In the 1990s Devasini started a business focused on selling computer parts. This experience helped him learn about how businesses operate, and he gained practical know-how about handling finances, managing supply chains, and dealing with customers. He spent almost two decades selling computer hardware. During this time, he adopted an alias “Merlin” which he used while communicating online. His businesses faced both successes and setbacks, but this experience proved crucial for his future career in the tech world, especially in cryptocurrency.
Devasini entered the crypto space in the early 2010s, a time when Bitcoin and other digital currencies were just starting to gain attention. He became involved with Bitifinex as one of its early leaders, a company that runs a platform where people can trade these currencies.
His background in technology and business made him a good fit for handling the financial operations of the company. Bitifinex quickly grew to become one of the largest cryptocurrency exchanges in the world, offering a platform for users to trade Bitcoin and other digital assets.
As the CFO of Bitifinex, Devasini took on the responsibility of managing the company’s financial operations. Bitifinex grew rapidly and became one of the largest platforms for trading cryptocurrencies. But it also faced many challenges, such as security breaches and legal issues, which Devasini helped manage.
Around the same time, Devasini became involved with Tether, the company that issues USDT. Tether’s goal is to provide a digital currency that people can use without worrying about the wild price fluctuations seen in other currencies like Bitcoin. Devasini managed money that backs USDT and ensured that the company could maintain the trust of its users.
Challenges
The relationship between Tether and Bitifinex has also been controversial. There were questions raised about whether Tether has sufficient reserves to fully back the amount of USDT in circulation. It was argued that Tether’s financial transparency has not always been clear which led to legal investigations. Devasini has been at the centre of these discussions, as his financial decisions directly impact both companies. This issue came under legal scrutiny when the New York Attorney General launched an investigation into the companies.
In 2021, Tether and Bitifinex reached a settlement with the New York Attorney General, agreeing to pay a fine and provide greater transparency about their reserves.
Despite these criticisms and challenges, the company continues to issue USDT, and it remains the most widely used stablecoin in the cryptocurrency market. Bitifinex has also gained momentum. Even though it is not the largest exchange, it has become a major platform for large crypto traders. The companies are personally owned by Devasini, together with other executives at Tether and Bitifinex, and they operate from different locations around the world.
To the outside observer, Devasini remains a closed character. He mostly declines to speak to the media and maintains a minimal online presence. But for Tether and Bitifinex, he is completely open. Executives say that he’s responsive any time of the week, even to day-to-day operations.
Conclusion
Giancarlo Devasini has had a remarkable impact on the cryptocurrency industry through his work as CFO of Tether and Bitifinex. His role in overseeing the financial operations of both companies has been notable to their growth in the market. The controversies surrounding Tether’s reserves and the legal investigation of both companies have brought a lot of attention to his work. As the cryptocurrency industry, continues to grow, Giancarlo Devasini’s role will remain important in the space.
