Jed McCaleb is one of the most significant people who had helped bring light to the eyes of many people in the financial industry even when some things seemed impossible to them. Many people in the villages or the rural areas with the lowest income levels had believed that the banking systems and other money transfer programs are for the rich people because of the many procedures involved in the opening of such accounts and the vast amounts of initial deposits that they could not afford.
Jed McCaleb founded Stellar, the online financial network company that has enhanced participation of all the groups of people in the economy in the financial sector. The idea of Stellar came to him while he was working with the first-bit coin exchange, Mt. Gox, to who he was also its funder. He realized that although bitcoin facilitates the movement of currency from one person to another, it only considered the legit group in the society leaving out the low-income earners.
He, therefore, decided to create literacy in the financial industry through Stellar that would serve all the types of people even in the rural areas. For example, the company opened currency transfer facilities in about two hundred villages in Nigeria serving hundreds of people in the country. He said that this is what Stellar is meant to do, to engage the desperate people in the financial sector especially those who find it difficult to deal with bank accounts because f their low literacy levels that makes it difficult when it comes to filling up f too many papers in the banks. More details can be read on CNBC.
This is not the first time that he tried to intervene in the technology sector to improve the lives f people through the creation of efficiency. He was the founder of the eDonkey, the early file transfer software that enabled the transfer of files between multiple people within a short period. To know more about McCaleb’s career in cryptocurrency, check out his LinkedIn page.
According to how he expresses himself in one of his interviews, it is evident that he has only the scratched the ground of what he wants to accomplish through his interest in the blockchain technology. He says that he is interested in the Artificial Intelligence which he believes that if people embrace it, the world will be in a better place in the coming years.