19 August 2017
visit www.avoka.com

Virtual currency used for commodity trade

15 April 2011  |  16540 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  |  10278 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comvisit www.dorsum.eudownload the paper now

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
7691 views comments | 22 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7308 views comments | 19 tweets | 23 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6036 views 1 | 5 tweets | 3 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
6020 views comments | 10 tweets | 7 linkedin
Apple sidelined as Beijing transit system launches payments appApple sidelined as Beijing transit system...
5862 views comments | 11 tweets | 9 linkedin

Featured job

£100-120K Basic dependent on experience plus subst...
London

Find your next job