Founder of Payments Network Zelle Joins Stellar-Focused Startup as CEO

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Stellar-focused crypto development company Interstellar appointed the founder of digital payments network Zelle Mike Kennedy as its new CEO. On Sept. 12, the company announced the appointment in a Medium blog post.

Kennedy's network Zelle is the payment system used by JPMorgan Chase, Citi, Bank of America and many other financial institutions, according to its website.

It is also claimed that Zelle manages over $50 billion in transaction volumes from over 25 million users.

Now, Interstellar expects Kennedy and his team to build new services for Stellar.

"With Interstellar I see another opportunity to solve a real-world problem. Today, international payments are inefficient, expensive, and slow. Millions of individuals and businesses would benefit from solving these problems. The Stellar Development Foundation has developed what I believe is the best blockchain based payments network, enabling fast and inexpensive international payments."

Work lies ahead. That being said, Kennedy also admitted that Stellar's ecosystem still lacks some features needed to fulfill his vision.

He also noted that, in his opinion, a nonprofit organization such as SDF is unsuitable to solve this.

"This is where Interstellar comes in. We will deliver these missing pieces of the puzzle to allow the Stellar network to achieve its potential. We will solve the remaining problems, turbocharging adoption and growth - making international payments better for millions and millions of companies and end users."

Alongside Kennedy's appointment, Interstellar also announced that it is "Spinning-out a new app-focused company" called Pogo, which has been in stealth development for some time.

"As you'll see when the service goes live, Pogo is the kind of application that Stellar is uniquely positioned to enable, thanks to the network's ability to create low-friction, high-liquidity, real-time corridors for FX settlement between financial entities."

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