July 12 is another milestone for Leonardo Real, as he will take up the position of Chief Compliance Officer (CCO) at Tether. Real is definitely an “invaluable asset,” according to Tether’s announcement, since he has a lot to contribute in the said position.
Longtime Blockchain Advocate
Real served BMO Financial Group for four years, climbing the ladder from an AML Analyst to the Manager of Quality Control for the AML Office. BMO Financial Group is one of the biggest banks in Canada, and the eighth in the entire North America in total assets. The group has branches in different countries around the world, proving its integrity and dedication as a financial organization.
Money laundering has always been one of the reasons why people and their governments are wary of cryptocurrencies. With Real’s professional experience in the said issue, Tether could definitely find a solution to the haunting threat and possibly gain the trust of many people.
“Joining Tether as CCO is an incredibly exciting move for me personally, and I am particularly impressed by the motivation, dedication, and talent of the Tether team. I look forward to helping showcase Tether’s commitment to transparency and regulatory compliance within the blockchain and cryptocurrency space. As a longtime advocate of blockchain technology and the integration of cryptocurrencies into the mainstream, I am looking forward to putting my experience in AML and regulatory compliance in traditional financial institutions to use, to ensure that the Tether project can continue its work disrupting traditional industries.”
Tether is an ingenious platform which attempts to reconcile fiat money with cryptocurrencies. People call the altcoin it issues as “stablecoin” since it tries to equal the US Dollar in price. This system contributes to creating a less-volatile financial ecosystem by infusing the benefits of cryptocurrencies to traditional monies. This will indeed foster trust among the un-cryptovangelized people.
Previously, cryptocurrency news organizations ran a news telling the results of the investigation done by Freeh Sporkin & Sullivan, LLP, which revealed that indeed, Tether’s token is backed by dollar reserves.
With the dedication to “full transparency and compliance, Tether is the most secure, [the] fastest, and [the] lowest way to transact with money.” And with the expertise of former Bank of Montreal’s Real, Tether would surely find a way to reduce the instances of money laundering to a minimum.