Financial Industry veteran Mike Kennedy is taking charge as CEO of Interstellar, a blockchain and digital currency technology firm which is quite often referred the rival to San Francisco fintech firm Ripple.
Stellar Network Might Receive Huge Boost Soon
Mike Kennedy earlier co-founded Zelle, a peer-to-peer payment network and carries his years of experience working in the payment industry to Stellar blockchain.
Various banks widely adopted Zelle network in the united states – few of those were – Morgan Stanley, Bank of America, JP Morgan Chase. At Interstellar, Kennedy is responsible for market-making and liquidity solutions for Stellar.
Interstellar is a wing of Stellar, emerged in 2018 as a part of acquisition deal between Lightyer.io and Chain. This firm is specifically developing payment protocols or payment layer on the Stellar network.
Interestingly, the two giants Ripple and Stellar offers similar services wherein the former is quite famous due to its growing partnership with financial entities, banks, and global regulators while Jed McCaleb founds latter, an American programmer who earlier served as the CTO of Ripple until 2013.
It’s worth mentioning that the XRP community recently bashed at McCaleb and Ripple when the transfer of 100 Million XRP caught between Ripple and Stellar founder McCaleb.
Ripple v/s Instersellar
Mike Kennedy taking charge as CEO of Interstellar possibly is a panicking movement for Ripple, especially when the firm itself is struggling to get out of the ongoing debate of dumping XRP and causing the token to lose its value further.
The point here is that Interstellar also offer the distributed ledger for banks to use and upgrade their financial system for cross-border payment transfers.
Notably, Stellar with Interstellar and Ripple with its blockchain products are already hovering above the Swift-payment services – but the point here is, will Ripple’s popularity gets down if Mike Kennedy committed and bring Interstellar on top.
According to Mike Kennedy, Interstellar is already connecting with the ample of financial institutions, banks, companies, licensed non-bank providers.
Also, the firm works at building businesses that the Stellar Development Foundation wouldn’t do otherwise. He said;
“That’s not something that makes sense for a nonprofit like the Stellar Development Foundation to do,” Kennedy said. “However, it is something that would really help to drive growth and adoption of the network beyond the rates that we’re seeing today, and so that’s one of the things that we will likely do with Interstellar.”
Kennedy’s statement sounds promising as he holds substantial expertise in the payment field of ‘transforming traditional banking systems to modern blockchain payment solution.’
He believes that the cross-border payment transfer using SWIFT and other corresponding banking consumes the majority of dollars – Keneddy further elaborated his stance as;
“That’s where the majority of dollars are going through for international payments today is the traditional SWIFT and correspondent banking, and we clearly have a much better solution that I think we’re going to get everyone to realize and adopt.”
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