30 September 2016
Visit dh.com

Virtual currency used for commodity trade

15 April 2011  |  15485 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)

Finextra news in your inbox

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

Related stories

Hacker pleads guilty to theft of virtual poker chips

Hacker pleads guilty to theft of virtual poker chips

03 February 2011  |  9911 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Find out moreVisit i2cinc.comVisit capgemini.com

Top topics

Most viewed Most shared
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
14613 views comments | 56 tweets | 48 linkedin
Ripple rudely gatecrashes Sibos partyRipple rudely gatecrashes Sibos party
10221 views comments | 32 tweets | 30 linkedin
Swift beware: Ripple signs banks to global payments steering groupSwift beware: Ripple signs banks to global...
9233 views comments | 33 tweets | 18 linkedin
BNP Paribas is working with clients on blockchain deploymentBNP Paribas is working with clients on blo...
7627 views comments | 15 tweets | 30 linkedin
US gets same day ACHUS gets same day ACH
7052 views comments | 23 tweets | 20 linkedin

Featured job

Find your next job