Jed McCaleb is the creator of Mt. Gox Bitcoin Exchange. He sold the company to Mark Karpeles in the year 2011. It is unfortunate to note that the company filed for bankruptcy due to a hacking incident that affected the Exchange. He is also the co-founder of another company, Stellar where he is the Chief Technology Officer. Stellar has the purpose of enhancing a cryptocurrency-based network to instill a cross-border kind of payments. The company’s XLM tokens are called lumens. The coins are among the top ten most significant cryptocurrency tokens by market valuation and capitalization.
In an interview on CNBC.com Jed McCaleb confirms the fact that cryptocurrency, as well as the blockchain technology, will change the general mode of payment as well as improving how fundraisers are made, or the method stock markets are operated and handled.
Jed McCaleb’s company, Stellar, is on a path to solve issues entailing the use of other currencies such as the USD or the Euro. The network company is claiming a transaction settlement of about five seconds as well as allowing the swift currency exchange. Companies such as IBM are using the network provided by Stellar to enhance and develop cross-border transaction systems with big banking institutions.
Jed McCaleb also reveals that Initial Coin Offerings indicate that the financial market has not utilized it. A report by a firm called Autonomous Next reveals that ICO has nine billion US dollars in a four year period. The flooding of funding towards ICO has brought the attention of regulators as there has been a rise of fraudulent factions.
It is also divulged that the new method of token selling will be sent directly to investors who buy these cryptocurrencies to fundraise a project. There is also the appreciation in value of the tokens. Jed McCaleb is expecting the traditionally traded stocks to use the same technology as the cryptocurrency trade develops. This expectation is being materialized as evident by many start-up companies trying to connect the previous financial market to use the new token system.
Jed McCaleb with the help of his wife started a foundation in the year 2014. The foundation, Stellar Development Foundation was formed to assist people left with losses and without resources due to the broke infrastructure of the financial market.