Blockchain technologies are going to disrupt the financial sector as we know it today. According to the founder and CEO of Stellar, stock markets. Global payments networks and access to fundraising are some of the areas that will be highly affected by the blockchain technology and another distributed solution. In the near future, we shall see developments that will change the industry greatly. Jed McCaleb is the founder of Stellar and Mt. Gox Exchange. He is among the early developers in the cryptocurrency industry. He was also the founder of Ripple although he later left the company to start his own- Stellar. Having been right there when the cryptocurrencies were starting, he is informed than many people about the capabilities of this technology. He is confident that cryptocurrencies will be huge and will eventually take over various financial sectors as we know them today.
Jed McCaleb is hopeful that there will be a universal payment network that will facilitate digital currencies as well as other currencies. The system will be a public ledger that no one will be able to change arbitrarily. McCaleb who opened Mt. Gox bitcoin later sold it. The platform was later hacked under the new management and declared bankrupt. It operated until 2013. The crash of Mt. Gox Bitcoin was so huge that it caused bitcoin to fall from $1000 to $100 in 2013. It was a blow to the cryptocurrencies industry although it later picked up and is now doing very well.
Jed McCaleb is the Chief Technology Officer of Stellar. Stellar is currently one of the prominent platforms which are facilitating the creation of new tokens and distributed creations. Stellar digital asset XLM is in the top 10 list of the most significant crypto assets by market capitalization. McCaleb started Stellar because he felt the financial sector was broken and needed to be reconciled.
Stellar is trying to reconcile the traditional financial sector with the blockchain technology. The company is working on a network that will facilitate fast exchange, within seconds, and will allow integration of digital currencies with other currencies such as the euros and dollar. The platform allows tokenization of all financial assets such as the stocks, currencies, and bonds among others.
More facts about Jed McCaleb: https://cointelegraph.com/tags/jed-mccaleb