Jed McCaleb is a 21st-century innovator who lives in San Francisco. He invented Stellar. Stellar is a financial platform which used for fast transfer of capital. It links people and financial institutions such as banks. Jed is also the co-founder and head of The Stellar Development Foundation.
Jed conceived the idea of Stellar around the beginning of what historians may call the Crypto age. It was a time when cryptocurrencies took the financial world by storm, fast becoming popular across borders. It was also a time when thinking men were trying to free humanity from the constraints of money transfer that enslaved the human race for centuries. Jed needed to create a means to a fair distribution of resources in the world. He worried that many developing countries were not making economic progress because of constraints in international money transfer. He wanted to provide affordable global online money transfer that was fast and secure.
Education and Empowerment
According to McCaleb, he believes that access to finance is key in creating jobs and reducing poverty. His greatest concern is the population which does not have access to finance and banking. He is aware that many people, especially women, in developing countries avoid banks because of the high bank fees. These include the hidden charges on loans and savings. Others are ignorant about what banks can do for them. Others leave too far away from banks. Through Stellar, he wants to educate the world’s poor of the benefits of banking.
The Stellar Development Fund has no profit for investors and workers. It concentrates on the transfer of XLM, a kind of cryptocurrency that is almost free. Jed aims to provide free banking for people who have no bank accounts. Stellar provides free and quick money transfer across borders.
Jed McCaleb aims to help all people in the world have easy access to finance. He believes this is possible if everyone has a cheap way of banking. He believes, the world will realize financial freedom and equal distribution of resources, when everybody is involved in the management of the globe’s resources.