The financial status of any nation’s economy greatly determines the rate of investment opportunities available for individuals in the country. A broken economic status of a country results in poverty and underdevelopment due to lack of maximum investments which leads to rise in the rate of crimes in a country. One of the most recognized entrepreneurs called Jed McCaleb is one of the people who have had a great concern about the world’s financial status. He is the Co-founder of Stellar and was also the founder of the first bitcoin. In one of Jed’s interviews, he says that one of his concern about the financial sector in the world is that most of the population, especially in the developing countries, do not have banking accounts which make the rate of transactions very slow thus leading to the increase in the rate of poverty in many countries.
Jed McCaleb believes that most of the people who do not possess bank accounts are because they lack awareness and so they only possess bank accounts for the purpose of saving money. This leads to low demand for banking services which results in a decreased number of banks in the country. As a result, those with the bank accounts are charged very high costs to get the banking services.
As a result, the banking services only remain meaningful to the rich people in the community. The poor or the low-income earners save their money in their houses which in turn attracts robbery, and as a result, this leads to increase in the rate of poverty in a country. Jed McCaleb founded the Stellar Company to make the financial sector of the world more efficient and accessible to every group of income earners in the world. Stellar has enabled quick online transactions across the border that is open to everyone including the low-income earners. This has helped improve the living standards of many people, especially in the developing countries due to increase in the trading activities.
In one of the interviews of Jed, he says that he finds Stellar better more than bitcoin because it is open to everyone, but bitcoin was only focusing on an elite group in the society. Also, in this YouTube video, Jed and IBM’s Jesse Lund answer questions from the audience.