How Jed Mccaleb Makes An Astounding Difference In The Financial Sector
Jed McCaleb is an entrepreneur who has had a great interest in the technological invention. He was the bitcoin exchange as well as the peer-to-peer eDonkey technology that involves a network where multiple people share files from one computer to another. He is also the founder of Stellar which is one of the online non-profit financial companies that have brought a great difference in the operation of the world’s financial sector especially in the third world countries.
Before founding Stellar, according to Coin Telegraph, Jed McCaleb had worked in a significant number of technology companies which gave him the idea of founding Stellar. He identified a gap that needed to be filled in the financial sector after making observations that most of the world’s population did not have access to banking services for various reasons. One of the reasons was that banks in kiost5 countries are located in the urban areas thus limiting banking services to the people who lived in the rural areas.
Jed McCaleb also observed that to open a bank account, a lot of paperwork is required for the client’s authentication and this was one of the reasons that discouraged most people from opening bank accounts. Still, in the process of authentication, most of the people were; and be denied the right to access the banking services due to lack of qualification for example because of low income.
He also saw that during the opening of bank accounts, there was a lot of deposit fee that was required which discouraged most people especially the low-income earners from having bank accounts. As a result, these people decided to save their money in the houses which in turn resulted in attraction of thieves resulting to increase in poverty.
Jed McCaleb saw that it was the right time to open a company that would try as much as possible to solve all these challenges. Stellar now serves as an online financial system that allows all the groups in the economy to make business transactions online across the border. It is accessible to all people in all the locations whether in the rural or the urban centers. This has made him receive high recognition in contributing to the economic growth and development of many countries, especially in the developing world.
Additional Source: http://analystoffinance.com/2018/02/jed-mccaleb-newest-venture-stellar/