22 January 2017
visit http://www.wolterskluwerfs.com

Virtual currency used for commodity trade

15 April 2011  |  15908 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  |  10002 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
Visit capgemini.com

Who is commenting?

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
16995 views comments | 95 tweets | 113 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
13088 views comments | 48 tweets | 45 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
11246 views comments | 31 tweets | 20 linkedin
US fintech firms join forces to push data sharing via APIsUS fintech firms join forces to push data...
8717 views comments | 48 tweets | 45 linkedin
HSBC forms tech advisory boardHSBC forms tech advisory board
6726 views comments | 22 tweets | 23 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job