Ven (currency)

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Ven
Central bank Hub Culture
 Website www.hubculture.com
Date of introduction 4 July 2007
 Source Ven Overview by Hub Culture
User(s) International
Inflation N/A
 Method Pegged with a basket of currencies, commodities and carbon futures.

    Ven (sign: VEN) is a global digital currency used by members of a social network service, Hub Culture, to buy, share, and trade knowledge, goods, and services. It is the first virtual currency to be used in the financial markets and the first used in FX, commodity and carbon credit trading.[1] Ven can be spent at Hub Culture Pavilions or used for micropayments on the Internet at large.[2] The value of Ven is determined on the financial markets from a basket of currencies, commodities and carbon futures. It trades against other major currencies at floating exchange rates. In January 2014, Ven became the first digital currency to begin high frequency trading on a regulated MFT exchange, with LMAX Exchange.[3] LMAX reported at the end of the first week of trading that over 14 million Ven had traded on the exchange, increasing Ven liquidity by 30%.[1]

    History

    Ven first appeared as an application in Facebook on 4 July 2007. In late 2008, the currency became tradeable to anyone with an email address, making it the first global digital currency to move from an online social network into the real world.[4] It is the only virtual currency available in the financial markets via a partnership with Thomson Reuters Indices enabling pricing on over 500,000 terminals worldwide.[5]

    In December 2009, Hub Culture began using Ven as a micropayment system for the distribution of content produced by members in the network, allowing users to charge access to individual groups, articles or videos available online. In May 2010, carbon pricing contracts were introduced to the weighted basket that determines the value of Ven. The introduction of carbon to the calculation price of the currency made Ven the first and only currency that is linked to the environment.[6] An open API for Ven arrived in January 2011, providing new forms of distribution and access to the currency for the web at large via a developer interface at VenMoney.net.[7]

    In April 2011, the company announced the first commodity trade priced in Ven for gold production between Europe and South America:[8]

    "Hub Culture, a self-styled online 'collaboration network' claims to have completed the first commodity trading deal priced in a virtual currency. The network says that its Hub Culture Knowledge Brokerage Services has now negotiated a gold production contract in South America sold to a private European buyer using Ven".

    On Earth Day 2011, the first carbon credit trade priced in Ven was exchanged between Nike and Winrock with the London Carbon Market for Brazilian afforestation.[9][10] In September 2011, a deal with Thomson Reuters Indices was "set to be announced at the Innotribe Future of Money session at the Sibos banking conference in Toronto".[11]

    In 2012, Hub Culture announced the development of Ven Funds, derivative financial products based on the Ven, including micro-finance and commodity asset pools.[12]

    See also

    References

    1. ↑ 1.0 1.1 "Q&A with LMAX CEO on Ven Virtual Currency". Financial News Interview. Retrieved 2014-01-31. 
    2. ↑ "The Currency Revolution". Wall Street Journal Economics blog. 2009-09-09. Retrieved 2012-02-04. 
    3. ↑ "UK Exchange To Allow Trading In Ven". Wall Street Journal MoneyBeat blog. 2014-01-22. Retrieved 2014-01-22. 
    4. ↑ "Hub Culture: Ven is Hub Culture's cool social currency". DGC Magazine. 2009-07-14. Retrieved 2009-08-21. 
    5. ↑ "The Rise of Private Money". Cayman Financial Review. 2012-01-18. Retrieved 2012-02-29. 
    6. ↑ - Global Digital Currency / News
    7. ↑ Ven, by Hub Culture
    8. ↑ "Virtual currency used for commodity trade". 2011-04-15. Retrieved 2012-02-04. 
    9. ↑ "ACR offsets traded in first Ven carbon transaction". 2011-04-14. Retrieved 2012-02-04. 
    10. ↑ American Carbon Registry Offsets Traded in First Ven Carbon Transaction
    11. ↑ "Ven digital currency to be displayed on Thomson Reuters terminal network". 2011-09-21. Retrieved 2012-02-04. 
    12. ↑ "To Fix Finance We Must Disrupt Money]". 2012-10-12. Retrieved 2013-03-21. 

    External links

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