First Virtual Currency Commodity Trade Completed in Ven

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14th Apr 2011

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In a landmark transaction for the Ven economy, Hub Culture and a group of partners have successfully completed the first commodity trading deal to be priced in a virtual currency, Ven.  

The contract, negotiated by Hub Culture Knowledge Brokerage Services, is for a gold production contract in South America sold to a private European buyer. The six month forward contract includes an option to extend to rolling production, and includes a Ven transaction price at a variable rate close to 9400.00 Ven per troy ounce.  The initial transaction is valued at over 233,000.00 Ven, and sets the stage for large growth in Ven trading volumes going forward.  See current exchange rates.

The transaction is the first commodity deal to be negotiated using the Ven currency platform, and represents a step forward in the evolution of the Ven digital currency for international markets.

Advantages to both parties created by the Ven as the means of exchange for the transaction include greater international value stability and an implied carbon offset resulting from the basket of carbon futures, commodities and leading global currencies that determine ongoing Ven values.

"This Ven trade is the beginning of a new era for virtual currency, and sets the stage for brisk global demand for Ven at large. As part of our commitment to the creation of a wider economy that better tracks externalities, this Ven trade has particular advantages for everyone, including an embedded carbon signal and forward price stability.  In addition, we are working with the producers to test new technologies that enable greener development techniques for mineral production, resulting in what we hope will lead to positive innovations in the sector." said Stan Stalnaker, Founding Director at Hub Culture.

For more information on the Ven, please visit Hub Culture's Ven wiki, the open API, and visibility archives.

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Hub Culture is a global collaboration network that operates the digital currency, Ven, a network of Pavilions to drive community collaboration, and Knowledge Brokerage, a suite of services to drive value creation for the network.  Established in 2002, Hub Culture is focused on worth creation and deal generation for over 25,000 global-influencers, and is at the forefront of innovation in work and collaboration.  Get involved at HubCulture.com