Jed McCaleb, founder and CTO of Stellar Development Foundation, talked about the company’s past, present, and future at The BayPay Thought Leadership event on April 19th.
McCaleb talked about how Stellar’s transactions were done and how banks involved them. Banks are not the first institutions to adopt this trading system, McCaleb said, with smaller financial institutions focused on making payments, such as money transfer operators, more open to adapting to such a trading system.
“We work with many banks and none are involved in production. Crypto money-making banks are also not in production. In the ecosystem, they will follow where the high amount of money goes first because they are avoiding the riskier because there may be a lot of losses. We spend the vast majority of our time outside the US, usually in South Asia and Africa. ”
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McCaleb said that the adoption of the Stellar network would make it easier to adopt the entire system, which is much more irregular in areas where people do not open their bank accounts.When ICOs were asked about their responsibilities as a company to be able to function, McCaleb said the company could not intervene in publishing tokens on the network. “Our responsibility is that we work together and we want our projects to be prestigious and valuable,” he said.
McCaleb also advised people to be cautious in investing in ICOs during the first spring of the crypto money, as fraud and fraud are common in the marketplace.