Jed McCaleb, co-founder of Stellar, is counting on the blockchain industry to become a huge and profitable market. Though the technology is still just starting out, McCaleb is seeking to be an early leader in the field, having founded several big-name blockchain projects. Ultimately, he is striving to build Stellar up into the industry standard for cross-border remittance and payments.
In 2010, Jed McCaleb was introduced to Bitcoin, and the concept immediately intrigued him. Having almost “accidentally” learned about Bitcoin, he considered that an important time in his career. As much as he was taken by the premise of Bitcoin, he was equally impressed with the technology that comes behind it.
Mr. McCaleb, realizing a lot of other people were themselves acting on Bitcoin in the early stages, took quick action. His first action was building a centralized exchange for Bitcoin trading. Naming it Mt. Gox, it did have competition from other exchanges at the time. But he found terrific success with this venture as Mt. Gox, at its height in cryptocurrency exchange trading, accounted for 80 percent of the market. He went on to sell Mt. Gox to software developer Mark Karpeles in 2011, retaining a 12 percent stake in the exchange.
In 2014, McCaleb founded the Stellar Development Foundation, with McCaleb’s goal to establish an internet-level protocol for payments. He wants to connect all the payment networks and different financial institutions together.
Mr. McCaleb, through his extensive background in the field, has laid a very solid foundation for Stellar Development Foundation to work with. Recognizing that the world’s financial infrastructure is a mess, with too many people left without resources, he has developed specific goals and strategies in a number of key areas. Some of these areas of interest and concern he touches upon include consensus and network security; moving away from private chains; the fear of tokenized assets; ICOs; and DEX and Atomic Swaps.