Ven (currency)

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Ven
Central bank Hub Culture
 Website www.hubculture.com
Date of introduction 4 July 2007[1]
Official user(s) International
Unofficial user(s) 30,000
Inflation N/A
 Method Pegged with a basket of currencies, commodities and carbon futures.[2]

Ven (sign: VEN) is a global digital currency traded in international financial markets and originally used by members of a social network service, Hub Culture, to buy, share, and trade knowledge, goods, and services. The value of Ven is determined on the financial markets from a basket of currencies, commodities and carbon futures.[2] It trades against major currencies at floating exchange rates. 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% to over 55 million.[3]

History[edit]

According to Hub Culture, Ven first appeared as an application in Facebook on 4 July 2007.[1]

In 2009, The Wall Street Journal described the currency as being pegged to the US dollar, and used by Hub Culture's users to trade goods, services, and knowledge. One user described having been paid in Ven for making introductions and other favors.[4]

In 2010, the company announced that carbon pricing contracts were added to the weighted basket that determines the value of Ven.[2] According to the company, this change made Ven "the first and only currency that is linked to the environment."[2]

In April 2011, Hub Culture announced the first commodity trade priced in Ven, in a gold production contract valued at more than 233,000 Ven.[5] Later that month, the company announced the first carbon offset credit trade priced in Ven, between American Carbon Registry (ACR), a carbon registry run by Winrock International, and Mata no Peito, an environmental coalition that includes ACR and Hub Culture as partners.[6][7] In September 2011, Hub Culture announced that Ven would be available on Thomson Reuters' data network and terminals.[8]

In 2012, Hub Culture announced the development of Ven Funds, derivative financial products based on the Ven, including micro-finance and commodity asset pools.[9]

In January 2014, Ven became the first digital currency to begin trading in regulated Forex markets, on the LMAX Exchange. [3]

See also[edit]

References[edit]

  1. ^ a b "Ven is social currency" (Press release). Hub Culture. 2009-09-16. Retrieved 2014-02-20. 
  2. ^ a b c d "Ven Now Includes Carbon Futures" (Press release). Hub Culture. 2010-07-05. 
  3. ^ a b Irrera, Anna (2014-01-29). "Q&A with LMAX CEO on Ven Virtual Currency". Financial News. eFinancialNews Limited. Retrieved 2014-01-31. 
  4. ^ Jordan, Andy (2009-09-09). "The Currency Revolution". The Wall Street Journal. Retrieved 2014-02-20. 
  5. ^ "First Virtual Currency Commodity Trade Completed in Ven" (Press release). Hub Culture. 2011-04-14. Retrieved 2012-02-04. 
  6. ^ "American Carbon Registry Offsets Traded in First Ven Carbon Transaction" (PDF) (Press release). Hub Culture, American Carbon Registry, and London Carbon Market (joint press release). 2011-04-28. 
  7. ^ "Mata no Peito Partners – Nike Brazil Forestry Program". Mata no Peito. Retrieved 2014-02-20. 
  8. ^ "Hub Culture and Thomson Reuters Partner on Ven Currency" (Press release). Hub Culture. 2011-09-21. Retrieved 2012-02-20. 
  9. ^ Summerson, Karen (2012-10-12). "Founder of digital currency Ven proposes new international currency that will reform commerce". Psfk. Retrieved 2013-03-21.  (Requires Adobe Flash).

External links[edit]