A startling 2.5 billion people worldwide have no access to financial institutions or banking. Even in countries that are economically stable they lack the resources needed for anyone to function in the world. People end of storing their finances in their homes, making them an easy target for thieves.
There are number of reasons why certain countries lack financial institutions. Surprisingly there may be a lack of demand for banks because people use them just to save money. There are fees for having a bank account such as deposit fees, bank fees, transaction fees, and hidden fees. With all these fees being placed on a person, they often cannot afford having an account. Then there’s paperwork, access to banks, and disqualification if you have poor credit.
Jed McCaleb noticed this problem and wanted to help. He co-founded Stellar with his friend Kim, a non-profit organization that would allow people to make fast, secure, and easy financial transactions all over the world. Unlike banks who profit majorly off customers with unnecessary fees, Stellar is focused on giving back and helping those people. Jed McCaleb has worked in the tech field for quite some time now and founded other businesses such as eDonkey and Code Collective. Stellar is based on cryptocurrency and it is only growing with time. The potential is endless, and Mr. McCaleb is dedicated on using it for philanthropic purposes. Stellar is a great company that helps people fulfill their basic financial needs, so they can life a prosperous life. It also removes fees that people could not otherwise afford and connects them to the entire world. Other crypto currencies can cost you dearly, but XLM (Stellar’s crypto) is almost free making it accessible to just about anyone, even the poor. Stellar mission is to facilitate, distribute, and promote its digital currency. They provide transparent and permanent transactions for people all over the globe. To make financial institutions more accessible all over the world individuals and entities would donate to Stellar to continue their mission. When it comes to philanthropy Jed McCaleb and Stellar work with Praekelt Foundation which helps South African women save money on their mobiles to pay school fees and such.