Jed McCaleb Dreams Of More Efficiency In The Future’s World Financial Sector

Jed McCaleb is one prominent entrepreneur who has made an enormous impact in the financial industry. He was one of the founders of the first Bitcoin, and he has also worked in a significant number of companies. He has a vast experience in this sector which has given the opportunity to become the person he is today. When he was working with Stellar, he observed that the financial industry had a lot of gaps since it used to serve mostly the high-income earners. The low-income earners had no access to the banking services, so most of them did not hold bank accounts due to various reasons.

He, therefore, founded Stellar which is a private international company that has assisted in transforming the world’s financial sector into a more efficient one. One of the factors that led to the founding of Stellar is that the banking services were mostly located in the urban centers where it was inconvenient for the low-income earners in the rural areas to access them. Secondly, opening a bank account requires too much authentication and a lot of paperwork that would discourage some people from beginning one. Thirdly, a lot of changes are needed to open a bank account especially the initial deposit which made it one of the reasons why most low-income earners did not possess a bank account.

Lack of banking services led to a lot of inefficiencies during various transactions which needed money transfer from one person to another. Therefore, Jed McCaleb came with an idea of online currency transfer which is open to all the class of people in the economy regardless of the place the client is located. It also enhances money transfer even across the borders. This has facilitated growth and development of many countries since it led to efficiency and effectiveness in the trading activities.

According to Coin Telegraph, Jed McCaleb hopes for more growth of the Stellar Organization since he never stops dreaming and he has grand visions for the financial sector in the coming years. Recently, he said that in the coming years specifically by 2018 there would be a universal payment method across the world through the block chain.

Check out this article from Block Zero about Jed McCaleb: