Jed McCaleb Discusses Blockchain Potential in Payments, Stock Markets
Jed McCaleb, co-founder of Ripple and Stellar, told CNBC that blockchain would change entire sectors, among them payments, the stock market, and fundraising.
Stellar co-founder and CTO Jed McCaleb told CNBC that blockchain would soon transform global payments, fundraising, and stock markets. In fact, Stellar has focused precisely on these sectors, offering cross-border payment solutions, an upcoming universal exchange platform, and a system that can host initial coin offerings (ICOs).
“In the future, I think it's pretty clear to me there will be a universal payments network that will operate,” McCaleb said.
He went on to explain it would work on a “public ledger that people can see and can't change arbitrarily” and would allow them to “use things they're used to, like dollars and euros.”
He also anticipates that the stock market will move to blockchain as well:
“In the next 10 years I wouldn't be surprised if all equity isn't tokenized on some blockchain somewhere.”
That might revolve around decentralized exchanges as McCaleb expects people would want to trade various assets, and it would be challenging for a centralized exchange to manage them all.
Some companies are already working to transform the equity space. Securrency, for instance, provides a platform that is designed to let investors purchase stocks with Bitcoin.
McCaleb is already a cryptocurrency and blockchain legend. He is known as the founder or co-founder of some of the most important crypto companies, including defunct Bitcoin exchange Mt.Gox, and blockchain-powered payments systems Ripple and Stellar.
McCaleb founded Mt.Gox in 2010, and it grew to handle 70% of BTC global trading volume. He sold the exchange in 2011, after which it was hacked and filed for bankruptcy in 2014. McCaleb went on to co-found Ripple, which now backs the third largest cryptocurrency. He was also behind popular peer-to-peer file sharing system eDonkey.
McCaleb now works for Stellar, which he co-founded in 2014. Stellar’s token, Lumens, is the eighth largest cryptocurrency, with a market cap of $4.9 billion.
We reported on Tuesday that Stellar’s XLM had gained 9% for the day on news that the platform is developing a Lightning Network. It rose about 7% on Wednesday.