Ven (sign: VEN) is a

representative Representative may refer to: Politics * Representative democracy, type of democracy in which elected officials represent a group of people * House of Representatives, legislative body in various countries or sub-national entities * Legislator, som ...

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 living things) with commonality such as place, norms, religion, values, customs, or identity. Communities may share a sense of place situated in a given geographical area (e.g. a country, village, tow ...

created by the

Hub Culture Hub Culture is an invitation-led social network service that operates its own digital currency Ven. Hub Culture is located in Bermuda,. Founded in 2002, it claims it had 32,000 members by 2021 - based on registered accounts. History In November ...

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 mar ...

s. Ven was listed as of 2014 on the

LMAX Exchange LMAX Group is a global financial technology company which operates multiple institutional execution venues for electronic foreign exchange (FX) and crypto currency trading. The Group's portfolio includes LMAX Exchange, LMAX Global and LMAX ...

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), also known as cap and trade (CAT) or emissions trading scheme (ETS), is a method for nations to reduce global warming. The cost is applied to greenhouse gas emissions in order to encourage polluters to reduce the co ...

contracts were introduced to the weighted basket that determines the value of Ven. In April 2011 Hub Culture announced the first

carbon offset A carbon offset is a reduction or removal of emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere. Offsets are measured in tonnes of carbon dioxide-equivalent (CO2e). One ton of carbon ...

credit trade priced in Ven, between American Carbon Registry (ACR), a carbon registry run by

Winrock International Winrock International is a nonprofit organization whose mission is to increase economic opportunity, sustain natural resources, and protect the environment. Based in Little Rock, Arkansas, and Washington, D.C., Winrock is named for Winthrop Rock ...

, 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 media conglomerate. The company was founded in Toronto, Ontario, Canada, where it is headquartered at the Bay Adelaide Centre. Thomson Reuters was created by the Thomson Corpora ...

' 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 John David Podesta Jr. (born January 8, 1949) is an American Political consulting, political consultant who has served as Senior Advisor to the President of the United States, Senior Advisor to President Joe Biden for clean energy innovation an ...

expressed interest in this offer, but no meeting was scheduled due to time constraints. Hub Culture claims that the spread backing makes its

value Value or values may refer to: Ethics and social * Value (ethics) wherein said concept may be construed as treating actions themselves as abstract objects, associating value to them ** Values (Western philosophy) expands the notion of value beyo ...

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 clai ...

References

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

History

See also

References