Jed McCaleb, CTO of Stellar, on the Banking Industry and its Future with Crypto

In a recent interview with CNBC, Jed McCaleb talked about what he believes to be the future of blockchain and cryptocurrency.

Jed McCaleb is one of the best people to ask about cryptocurrency. He already has an impressive resume in other tech fields, like file sharing and digital trading, but in recent years, he has established himself as an expert on blockchain as well.

McCaleb told CNBC: “In the future, I think it’s pretty clear to me there will be a universal payments network that will operate.”

For those who are uninitiated to blockchain, McCaleb is referring to a network that will be able to manage every type of currency and conduct transaction across all borders. This platform would likely produce its own currency and use it as a universal exchange currency, constantly converting between real cash to cryptocurrency and back to real cash.

McCaleb’s company Stellar is working to make his prediction come true right now. Stellar strives to bring banking institutions together with the intention of passing along savings to consumers. In fact, McCaleb created Stellar with the intention of doing away with unfair fees and costs associated with banking services.

McCaleb and Stellar intend to accomplish their goals by creating as many partnerships as possible in as many places as possible. Once implemented, Stellar can save a bank time and money, eliminating the need for many costly penalties and fees. Stellar boasts some of the fastest transactions speed possible today, at only 5 seconds.

In addition to over a dozen banking institutions in Europe and Asia, Stellar is partnered with IBM. IBM uses the Stellar technology to conduct payments across borders with large banks.

The partnership with IBM is just one of the methods McCaleb and Stellar are using to bring their worldwide banking platform to reality. In one interview, McCaleb confessed that the partnership with IBM was extremely beneficial to Stellar. IBM already has strong relationships with banks all over the world, and Stellar hopes these relationships will rub off on Stellar, speeding up their goals and prospects. The partnership with IBM could lead to Stellar being that global payments network predicted by McCaleb.

McCaleb’s LinkedIn profile: https://www.linkedin.com/in/jed-mccaleb-4052a4


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