| Ven | |
|---|---|
| Unit | |
| Symbol | VEN |
| Denominations | |
| Demographics | |
| Date of introduction | 4 July 2007 [1] |
| Official user(s) | None |
| Unofficial user(s) | Unspecified |
| Issuance | |
| Private company | Hub Culture Ltd. |
| Website | ven |
| Valuation | |
| Inflation | N/A |
| Method | Claims it is pegged with a basket of currencies, commodities and carbon futures. [2] |
Ven (sign: VEN) is a representative digital currency. Its origin was as a community currency created by the Hub Culture social network. It claims the value of Ven is determined by backing currencies, commodities and assets. Because the currency is privately run, the true value is impossible to verify. [2] It trades against major currencies at floating exchange rates.[ citation needed ] Ven was listed as of 2014 on the LMAX Exchange. [3]
Hub Culture launched Ven on 4 July 2007. 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 May 2010, carbon pricing contracts were introduced to the weighted basket that determines the value of Ven. [5]
In April 2011 Hub Culture 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 November 2011, Hub Culture announced the availability of diamonds, investment grade wines and Ven Gold, a retail gold product sold in individual 1 oz. 22 karat units. [9]
In 2012, Hub Culture announced the development of Ven Funds, derivative financial products based on the Ven, including micro-finance and commodity asset pools. [10]
In January 2014, Ven became the first digital currency to begin trading in regulated Forex markets, on LMAX Exchange. [3]
According to leaked emails, Stan Stalnaker pitched Ven as a fundraising tool for Hillary Clinton's campaign in May 2015. Campaign chairman John Podesta expressed interest in this offer, but no meeting was scheduled due to time constraints. [11]
Hub Culture claims that the spread backing makes its value stable. [12] [13] [14] The company also claims that as part of the basket includes carbon futures, estimated at 7%, Ven is environmentally friendly. [15] [16]
In finance, speculation is the purchase of an asset with the hope that it will become more valuable in the near future.
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A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. Futures exchanges provide physical or electronic trading venues, details of standardized contracts, market and price data, clearing houses, exchange self-regulations, margin mechanisms, settlement procedures, delivery times, delivery procedures and other services to foster trading in futures contracts. Futures exchanges can be organized as non-profit member-owned organizations or as for-profit organizations. Futures exchanges can be integrated under the same brand name or organization with other types of exchanges, such as stock markets, options markets, and bond markets. Non-profit member-owned futures exchanges benefit their members, who earn commissions and revenue acting as brokers or market makers. For-profit futures exchanges earn most of their revenue from trading and clearing fees.
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A currency future, also known as an FX future or a foreign exchange future, is a futures contract to exchange one currency for another at a specified date in the future at a price that is fixed on the purchase date; see Foreign exchange derivative. Typically, one of the currencies is the US dollar. The price of a future is then in terms of US dollars per unit of other currency. This can be different from the standard way of quoting in the spot foreign exchange markets. The trade unit of each contract is then a certain amount of other currency, for instance €125,000. Most contracts have physical delivery, so for those held at the end of the last trading day, actual payments are made in each currency. However, most contracts are closed out before that. Investors can close out the contract at any time prior to the contract's delivery date.
A carbon credit is a generic term for any tradable certificate or permit representing the right to emit a set amount of carbon dioxide or the equivalent amount of a different greenhouse gas (tCO2e).
A private currency is a currency issued by a private entity, be it an individual, a commercial business, a nonprofit or decentralized common enterprise. It is often contrasted with fiat currency issued by governments or central banks. In many countries, the issuance of private paper currencies and/or the minting of metal coins intended to be used as currency may even be a criminal act such as in the United States. Digital cryptocurrency is sometimes treated as an asset instead of a currency. Cryptocurrency is illegal as a currency in a few countries.
The Tehran Stock Exchange (TSE) is Iran's largest stock exchange, which first opened in 1967. The TSE is based in Tehran. As of May 2012, 339 companies with a combined market capitalization of US$104.21 billion were listed on TSE. TSE, which is a founding member of the Federation of Euro-Asian Stock Exchanges, has been one of the world's best performing stock exchanges in the years 2002 through 2013. TSE is an emerging or "frontier" market.
In international finance, a world currency, supranational currency, or global currency is a currency that would be transacted internationally, with no set borders.
Virtual currency, or virtual money, is a digital currency that is largely unregulated and issued and usually controlled by its developers and used and accepted electronically among the members of a specific virtual community. In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically." A digital currency issued by a central bank is referred to as a central bank digital currency.
Intercontinental Exchange, Inc. (ICE) is an American company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada and Europe, the Liffe futures exchanges in Europe, the New York Stock Exchange, equity options exchanges and OTC energy, credit and equity markets.
Hub Culture is an invitation-led social network service that operates its own digital currency Ven. Hub Culture is located in Bermuda,. Founded in 2002, it claims it had 32,000 members by 2021 - based on registered accounts.
Emissions Reduction Currency Systems (ERCS) are schemes that provide a positive economic and or social reward for reductions in greenhouse gas emissions, either through distribution or redistribution of national currency or through the publishing of coupons, reward points, local currency, or complementary currency.
Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009, when its implementation was released as open-source software.
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