Jed McCaleb is a wealthy successful entrepreneur who resides in the United States California. He is the co-founder of Stellar. Stellar is a private financial organization whose primary objective is to create a financial network between the low-income earners and the financial institutions. His idea for this company was lured by his experience being the co-founder of the first bitcoin. While running the bitcoin, he identified a gap that needed to be filled I the world’s financial sector. He saw that bitcoin is a business that involves the transfer of value of currencies from one person to another, but most of the adult population, especially in the developing countries, had no access to the banking services.
As a result, Jed McCaleb thought of starting the Stellar organization to come in between the low-income earners and the financial institutions. This is because most of the banks do not afford the maintenance costs to serve those people who come from the low-income areas especially the rural areas. His reputation as a co-founder of the bitcoin gave him the privilege to get a loan from one of the financial institutions which acted as his main starting capital for Stellar. Stellar has now become one of the most successful organizations in the world. It improvised ways in which money can be transferred online easily.
As a result, most entrepreneurs in the world have opted for Stellar to provide them with loans especially for starting capital and most of them are from the developing countries. Jed McCaleb main objective was to make the lives of the people easier through increasing the efficiency in the financial sector. Most of the people had to incur massive amounts of transaction coats when transferring money from one person to another since most them did not have bank accounts. Thus, some had to travel long distances to pay bills, borrow loans and other financial transactions.
The services provided by Stellar have greatly contributed to the growth and development of many countries especially in the third world countries by increasing their economic status. This is because online money transfer consumes less time and hence economic activities are now carried out effectively thus increasing the gross income of those countries.