Ven (currency)

Last updated
Ven
Unit
Symbol VEN‎
Denominations
Demographics
Date of introduction4 July 2007 [1]
Official user(s)None
Unofficial user(s)Unspecified
Issuance
Private companyHub Culture Ltd.
 Website ven.vc
Valuation
Inflation N/A
 MethodClaims 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 briefly listed on the LMAX Exchange in 2014. [3]

    Contents

    History

    Stan Stalnakers privately held company, Hub Culture, claims that it 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] Beyond this article however, little evidence exists to show its continued use, though Stalnaker boasts a position Bermuda's fintech advisory board. [5] Its location in Bermuda is notable, because of its low regulatory environment and its status as 3rd in the corporate tax haven ranking. [6]

    In May 2010, carbon pricing contracts were introduced to the weighted basket that determines the value of Ven. [7] The veracity of this is not known, because the company itself decides the value. It is unknown if currency can be withdrawn after purchase.

    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. [8] [9] In September 2011, Hub Culture announced that Ven would be available on Thomson Reuters' data network and terminals. [10]

    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. [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]

    In January 2014, Ven became the first digital currency to begin trading in regulated Forex markets, on LMAX Exchange. [3] However, the listing has since been removed. [13]

    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. [14]

    Hub Culture claims that the spread backing makes its value stable. [15] [16] [17] The company also claims that as part of the basket includes carbon futures, estimated at 7%, Ven is environmentally friendly. [18] [19]

    See also

    References

    1. ↑ "Ven is social currency" (Press release). Hub Culture. 2009-09-16. Retrieved 2014-02-20.
    2. 1 2 "Ven Now Includes Carbon Futures" (Press release). Hub Culture. 2010-07-05.
    3. 1 2 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. ↑ https://www.royalgazette.com/business/article/20201102/quarantine-bracelets-help-bermuda-shine/
    6. ↑ https://cthi.taxjustice.net/countries/bermuda/print
    7. ↑ "Hub / Ven - Global Digital Currency / News". Hubculture.com. 2010-07-05. Retrieved 2012-02-07.
    8. ↑ "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.
    9. ↑ "Mata no Peito Partners – Nike Brazil Forestry Program". Mata no Peito. Archived from the original on May 17, 2012. Retrieved 2014-02-20.
    10. ↑ "Hub Culture and Thomson Reuters Partner on Ven Currency" (Press release). Hub Culture. 2011-09-21. Retrieved 2012-02-20.
    11. ↑ Eric Savitz (2011-11-23). "Currency: Dollars Aren't Enough; Here Comes The Ven (Video)". Forbes. Retrieved 2012-02-07.
    12. ↑ 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).
    13. ↑ https://www.lmax.com/exchange
    14. ↑ Pearson, Jordan (October 18, 2016). "Clinton Campaign Considered Accepting Virtual Currency Donations". Motherboard. Retrieved November 16, 2016.
    15. ↑ "Hub Culture: Ven is Hub Culture's cool social currency". DGC Magazine. 2009-07-14. Retrieved 2009-08-21.
    16. ↑ Jeremy Deaton (2016-10-13). "The World's Most Stable Currency Is Backed by Carbon". Nexus Media News.
    17. ↑ "What is Hub Culture & Ven? They Just Launched the First Digital Currency Bitcoin Fund - Finance Magnates". 30 April 2013.
    18. ↑ "Ven: A Different Digital Currency". 6 April 2015.
    19. ↑ "Ultra Carbon, a Tokenised Asset Object (TAO), Makes Carbon Trading Available to Everyone".
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