Ven (sign: VEN) is a representative

digital currency Digital currency (digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital cu ...

. Its origin was as a

community currency A community is a social unit (a group of people) with a shared socially-significant characteristic, such as place, set of norms, culture, religion, values, customs, or identity. Communities may share a sense of place situated in a given g ...

created by the Hub Culture social network. It claims the value of Ven is determined by backing currencies, commodities and assets. Because the currency is privately run, the true value is impossible to verify. It trades against major currencies at

floating exchange rate In macroeconomics and economic policy, a floating exchange rate (also known as a fluctuating or flexible exchange rate) is a type of exchange rate regime in which a currency's value is allowed to fluctuate in response to foreign exchange market ...

s. Ven was listed as of 2014 on the LMAX Exchange.

History

Hub Culture launched Ven on 4 July 2007. In 2009, ''The Wall Street Journal'' described the currency as being pegged to the US dollar, and used by Hub Culture's users to trade goods, services, and knowledge. One user described having been paid in Ven for making introductions and other favors. In May 2010,

carbon pricing Carbon pricing (or pricing) is a method for governments to Climate change mitigation, mitigate climate change, in which a monetary cost is applied to greenhouse gas emissions. This is done to encourage polluters to reduce fossil fuel combustion, ...

contracts were introduced to the weighted basket that determines the value of Ven. In April 2011 Hub Culture announced the first carbon offset credit trade priced in Ven, between American Carbon Registry (ACR), a carbon registry run by Winrock International, and Mata no Peito, an environmental coalition that includes ACR and Hub Culture as partners. In September 2011, Hub Culture announced that Ven would be available on

Thomson Reuters Thomson Reuters Corporation ( ) is a Canadian multinational corporation, multinational content-driven technology Conglomerate (company), conglomerate. The company was founded in Toronto, Ontario, Canada, and maintains its headquarters at 1 ...

' data network and terminals. In November 2011, Hub Culture announced the availability of diamonds, investment grade wines and Ven Gold, a retail gold product sold in individual 1 oz. 22 karat units. In 2012, Hub Culture announced the development of Ven Funds, derivative financial products based on the Ven, including micro-finance and commodity asset pools. (Requires Adobe Flash). In January 2014, Ven became the first digital currency to begin trading in regulated Forex markets, on LMAX Exchange. According to leaked emails, Stan Stalnaker pitched Ven as a fundraising tool for Hillary Clinton's campaign in May 2015. Campaign chairman John Podesta expressed interest in this offer, but no meeting was scheduled due to time constraints. Hub Culture claims that the spread backing makes its value stable. The company also claims that as part of the basket includes carbon futures, estimated at 7%, Ven is

environmentally friendly Environment friendly processes, or environmental-friendly processes (also referred to as eco-friendly, nature-friendly, and green), are sustainability and marketing terms referring to goods and services, laws, guidelines and policies that c ...

References

{{DEFAULTSORT:Ven (Currency) Alternative currencies Digital currencies Private currencies

History

See also

References