Due to Jed McCaleb’s experience as a tech entrepreneur, his new company, Stellar, has went on to be a success in near record times. Stellar, a financial exchange protocol, has already been incorporated into the digital infrastructure of banks, non-profits and other financial institutions all over the world.
Jed McCaleb said he wanted to make sending money to someone in another country as easy as sending an email, and with Stellar, that’s exactly what he’s done. Along with Joyce Kim, Jed McCaleb founded Stellar in 2014. In under 4 years it has grown to include such clients on its resume as IBM and the Praekelt Foundation.
Jed McCaleb and Stellar, even though they have a successful product, have not stopped innovating in their industry. In April 2015, they corrected a flaw in its original protocol and rolled out the changes in November.
“There are lots of payment networks, but they don’t interoperate,” McCaleb argued. Stellar is able to connect institution that use different payment networks to help lower the cost of expensive fees. With these fees out of the question, Jed hopes that low and middle class citizens will be able to reap the benefits of having high-quality financial services.
About Jed McCaleb
Jed McCaleb is currently the CTO of Stellar.org. His position requires him to be the leader of all technical development at Stellar. He has worked in a variety of sub-industries within the tech world. In the past, he created what is now one of the most implemented forms of peer-to-peer file sharing. His creation is able to download pieces of a file from several different users then piece it back together.
He also developed Mt. Gox. Mt. Gox started as a secure place for a niche market of gamers to conduct their virtual trading. It did not remain a commodity of the video game community for long, Jed revolutionized the company by transforming it into the world’s first bitcoin exchange. The company has since been sold and closed down.
Jed McCaleb is now able to focus all of his attention on his work at Stellar.