11 February 2016

Virtual currency used for commodity trade

15 April 2011  |  14709 views  |  0 biometric  face pointer

Hub Culture, a self-styled online 'collaboration network' claims to have completed the first commodity trading deal priced in a virtual currency.

Hub Culture has around 25,000 members it describes as "global-influencers" and has developed its own currency, dubbed Ven, that lets people trade in goods, services and knowledge.

The network says that its Hub Culture Knowledge Brokerage Services has now negotiated a gold production contract in South America sold to a private European buyer using Ven.

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.

Stan Stalnaker, founding director, Hub Culture, says: "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."

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

08 April, 2011
03 February, 2011

Top topics

Most viewed Most shared
UK sets out open banking API framework
13492 views comments | 91 tweets | 85 linkedin
European mobile banking service Pocopay go...
7957 views comments | 25 tweets | 14 linkedin
Deutsche Bank calls for co-operation with...
7125 views comments | 27 tweets | 30 linkedin
How to accelerate your fintech startup
7111 views comments | 32 tweets | 9 linkedin
Wearable payments startup Fit Pay secures...
6482 views comments | 26 tweets | 9 linkedin

Featured job


Paris (France) or Brussels (Belgium)

Find your next job