In 2011, after selling off the infamous exchange Mt. Gox, Jed McCaleb turned his cryptocurrency efforts to devising a new currency. Dubbed ‘the ripple protocol,’ McCaleb sought to grow a transactionary cryptocurrency that completed blockchain consensus by members on the network. With that, the parent company Ripple was formed, which led to the creation of the token XRP. However, McCaleb’s run with Ripple was short lived, and in 2013 he left his active role with the company in search of new ventures.
In 2014, using what he had learned through the development process of Ripple, McCaleb started the non-profit Stellar Development Foundation, which eventually led to the creation of the Stellar Consensus Protocol and XLM currency.