McCaleb and Joyce Kim launched Stellar as a platform for low-cost cross-border payments. Stellar began in 2014 when Jed McCaleb left Ripple, a platform he co-founded, to create a new financial system. Gox and co-founded blockchain-based payment system Ripple Labs. Jed McCaleb is a longtime cryptocurrency entrepreneur who founded Bitcoin exchange Mt. The network system Stellar was co-founded by current chief architect Jed McCaleb, former lawyer Joyce Kim, who has since left Stellar, and current chief scientist David Mazières. Lumens are cryptographically secured digital representations of liquid cash equivalents for nearly instant, ultra-low fee global payments, and remittances. Stellar Lumens, traded under the symbol XLM, is the native asset of the Stellar Development Foundation.
In addition to facilitating low-cost, cross-asset transfers of value, Stellar aims to provide banking services and liquidity to developing markets. The idea behind the Stellar network is to bring the world's financial systems together under one network by making it easier and faster for people to create, trade, and send different types of currencies across the globe. Stellar is a payment technology aiming to connect financial institutions, payments systems, and people through blockchain technology and drastically reduce the transaction cost and time required for cross-border transfers. Stellar network (XLM) is a decentralized, peer-to-peer digital currency network that was launched in 2015.
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