Stellar (XLM) was founded by Jed McCaleb and Joyce Kim as a blockchain-based project primarily focused on facilitating cross-border payments. The aim was to create a platform that would make international money transactions faster, cheaper, and more accessible. McCaleb and Kim launched Stellar with the goal of addressing inefficiencies in the traditional financial system by connecting financial institutions, payment processors, and individuals to a decentralized network.
Jed McCaleb: Co-Founder & Visionary
Jed McCaleb is a prominent figure in the crypto community and serves as the technology leader behind Stellar. His experience in cryptography and blockchain development played a critical role in shaping XLM's infrastructure. Prior to founding Stellar, McCaleb was considerably well-known for his other ventures, including the development of eDonkey, a peer-to-peer file-sharing network. However, McCaleb's most famous contribution to the blockchain world was the creation of Mt. Gox, one of the first Bitcoin exchanges. Although he sold Mt. Gox before its eventual collapse, his involvement in the early crypto ecosystem gave him significant insights into the industry's potential and issues.
McCaleb moved on to co-found Ripple (XRP), a similar project that concentrated on improving banking transaction efficiency. However, due to fundamental disagreements with other team members about the project's direction, he departed Ripple and began working on Stellar, which he believed could apply blockchain technology in a more inclusive and decentralized manner.
Joyce Kim: Co-Founder & Former Executive Director
Joyce Kim, a lawyer and entrepreneur, co-founded Stellar alongside McCaleb. Before her involvement in the blockchain space, she had a diverse career as a venture capitalist and technology attorney, specializing in international financial transactions. Kim's background made her particularly interested in how technology could improve financial inclusion, especially for underbanked communities across the globe. Along with McCaleb, she was integral in conceptualizing how Stellar could lower the costs and complications associated with cross-border payments.
Kim eventually moved away from her day-to-day role at Stellar to focus on new ventures but played an important role during Stellar's formative years. Her contribution to Stellar's vision of financial inclusivity is widely acknowledged by those familiar with the company’s early history.
The foundational expertise of both McCaleb and Kim has been critical in establishing the initial technology and mission of Stellar, aiming at more inclusive financial systems globally.
