Jed McCaleb uses Stellar to Lower Banking Costs

Jed McCaleb is an entrepreneur in the tech industry with multiple successful ventures on his resume. He has worked on peer-to-peer software, virtual trading, and bitcoin exchanges in his past. However, he is now focusing on financial exchanges with his new company Stellar.


Along with Joyce Kim, Jed McCaleb founded Stellar after they discovered how many problems could be solved in the banking world by utilizing bitcoin and other cryptocurrencies. Stellar is an exchange protocol that enables banks to be linked seamlessly together, cutting costs and eliminating expensive fees. McCaleb says his company’s primary audience are those in developing countries that do not have any options for financial services, but Stellar is also implemented in companies like IBM.


Even though Stellar has already been successfully implemented in companies all over the world, McCaleb and his team are endlessly innovating and changing the Stellar protocol for the better. Since launching, Stellar has already improved their initial software and has made leaps and bounds to surpass competition.


Prior to co-founding Stellar, Jed McCaleb created eDonkey, the first multi-sourced peer-to-peer downloading software. The software enabled users to download files from multiple other users at the same time, the file was then pieced back together on the recipients machine. The user can then view the file as if they downloaded it normally.

This innovative technology has since became industry standard for how peer to peer software delivers files to its users.


One company in the peer to peer market wasn’t enough for McCaleb. He later founded Overnet, a program that uses the same software behind eDonkey. Eventually the two companies merged to form eDonkey2000.


Mt. Gox was the world’s very first bitcoin exchange. Originally, McCaleb created Mt. Gox to serve as a marketplace for video game players. After he realized that his technology could be used for so much more, he transformed it into a bitcoin exchange. He went on to sell the company and it later shut down.


With a resume filled with such a wide variety of innovations, it is impossible to know what Stellar may evolve into.