Hub Culture and Thomson Reuters Partner on Ven Currency

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21st Sep 2011

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Hub Culture is bringing the Ven digital currency to the financial markets, calculated by Thomson Reuters. The announcement is being made at the Future of Money session of Innotribe @ SIBOS, the world’s largest banking and finance conference taking place now in Toronto, Canada.

“Hub Culture is delighted to announce that Ven will be available on Thomson Reuters data network and desktop terminals globally, which will open new vistas for this currency with institutions across the planet.  Live pricing on over half a million institutional desktops globally heralds a key step forward in the evolution of Ven, and the positive impact it can have on the communities it serves.” said Stan Stalnaker, Founding Director of Hub Culture, the social collaboration network driving growth of the Ven economy.

Thomson Reuters Indices will act as the independent calculating agent for Ven, leveraging its strengths in the index creation business, adding further depth and integrity to the digital currency.  Ven can be found under the following Reuters Instrument Code: <.VEN>.

“Distributing Ven via Thomson Reuters creates new opportunities for the market to watch its development, and to make better decisions about how Ven can fit into, and even help, existing financial frameworks.  Innotribe is about showcasing and advancing new approaches to the development of inclusive, collaborative and ultimately beneficial utilities in the banking sector. We are happy to bring true innovation to the world’s digital table.” said Peter Vanderauwera, Innovation Leader for Innotribe at Sibos.

 

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Ven was launched in July 2007 by the nine-year-old social network to bring community powered exchange to the global Hub Culture community, and has proceeded to lead in the digital currency space.   In 2009, Ven became the first digital currency to move to a basket pricing structure, based on a portfolio of global currencies, commodities and carbon futures.  These elements stabilize the Ven, providing a new digital commodity/currency option that is grounded, global and green.  At scale, the inclusion of carbon in the pricing structure of Ven signals a theoretical carbon offset, helping bring financial values to the protection of natural resources and habitats. 

Over time, the Ven economy has grown to include a large portfolio of goods and services, ranging from the all-electric Nissan Leaf to fashion, contemporary art and membership services, available at HubCulture.com.  In 2011, Ven became the first digital currency used in commodity (gold) and carbon credit trades (Nike, London Carbon Market and Winrock).  A transparent and stable nature makes Ven a potential hedging tool for commodities around exchange rate volatility and a signal for market-led integrated carbon pricing at the global level.

Since Ven is structurally linked to a social network, it becomes the first socially networked currency to become practically applicable at the institutional level.  It continues to be exchanged in the P2P and business space, and over time is expected to help link capital market liquidity directly to consumers, opening opportunities for social finance initiatives, micropayments, and capital liquidity access that complement existing structures in partnership with banks, ngos and financial institutions around the world.

Hub Culture is a global collaboration network building a brighter future. The community is driven by a blend of online tools for knowledge sharing with offline Pavilions for meeting and connecting. It's all powered by a digital currency, Ven. Ven is the first digital currency to be priced from a basket of currencies, commodities and carbon futures, making it green, grounded and stable. Ven is growing as a new tool for individuals, companies and institutions worldwide.

Hub Culture was founded in 2002 and maintains offices in London, New York, Bermuda, Hong Kong, and Geneva.  Since 2007, over 8 million units of Ven have exchanged hands, with 95% of Ven used for redemption of goods and services in the Hub Culture platform.  The currency is growing at an increasing curve rate as it finds a home in the financial world.