Craft in the City

Jed McCaleb and Stellar to Bring Cryptocurrency to the World

Jed McCaleb is the cofounder, CTO, and a developer at Jed McCaleb has also founded several other companies like Mt. Gox, EDonkey, and Ripple. He also works as a technical developer where he researches artificial intelligence and discovers new ways to implement it into our daily lives.

Along with Joyce Kim, Jed McCaleb founded Stellar Development with one thing in mind: to fix the world’s financial infrastructure. McCaleb says that he has always spent a lot of time thinking of new and exciting technologies that may someday be able to improve the lives of everyone in the world.

Stellar, which was created in 2014, believes it can fix the global financial market by creating their own cryptocurrency. This may have been in the back of McCaleb’s mind when he created Mt Gov, the worlds first Bitcoin exchange. McCaleb says he was not only trying to create a cryptocurrency but trying to connect them through institutions that would make use of the popular cryptocurrency.

Stellar’s target audience are people who have no one taking care of their liquid assets: the unbanked. By linking institutions together, the company says it will create an affordable product for these institutions to offer to the unbanked. The company argues that these institutions are unable to offer their services to low-income residents because the service costs are so high that they can’t afford it. Stellar intends to change this with their experience and knowledge of the cryptocurrency market and financial industries.

Most of the unbanked population in the world live in the developing world, so these geographical locations are prime real estate for a company like Stellar. Stellar is already involved in various industries around the world: mostly financial organizations and nonprofits.

The Stellar technology is a community ran network; rather than being ran by individuals under the Stellar payroll, the entire network is ran by the people who choose to participate in the system: the consumers.

Jed McCaleb credits the success of his company with his attitude towards overcoming obstacles and not letting them slow him down.

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