04 September 2015

Virtual currency used for commodity trade

15 April 2011  |  12845 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
Third of Brits expect day-to-day mobile pa...
8296 views comments | 38 tweets | 15 linkedin
Payments UK sets out vision for 'world cla...
6858 views comments | 17 tweets | 10 linkedin
Swedish mPOS firm iZettle raises EUR60m fo...
6186 views comments | 13 tweets | 8 linkedin
HSBC glitch leaves thousands of customers...
6107 views comments | 13 tweets | 7 linkedin
UK boosts contactless limit to £30
5604 views comments | 31 tweets | 20 linkedin

Featured job

to £90K base, double OTE, share options
London, UK

Find your next job