Ven: World's first environmentally linked digital currency to be listed and traded
- 24 January 2014
LONDON: Ven--the world’s first environmentally linked digital currency--is to be listed and traded on LMAX, it was announced today at the World Economic Forum in Davos.
Today in Davos, the company that operates Ven, Hub Culture, announced that the FCA-regulated LMAX Exchange has agreed to list the currency. The listing means that brokers, banks and institutions can now trade the currency.
Ven is a global digital currency previously only available inside Hub Culture’s social network, where over 30 million Ven have been exchanged since 2007.
The currency is 100% asset backed by ‘fiat’ money, commodities and carbon. As well as being the first digital currency to float, Ven is also the first to include carbon in its makeup, making it the only environmentally linked currency in existence.
Hub Culture Founding Director, Stan Stalnaker, said: “LMAX Exchange is a perfect partner for us to bring Ven from the Hub Culture community to the global financial marketplace. Ven is fast and easy to use, secure and great for the environment. With Hub Culture linked identity (HubID) it is now a fantastic transaction tool for global financial inclusion. In the financial markets, Ven offers a new way to approach and settle international transactions with greater stability, efficiency and social benefit.
“We believe Ven will help people transact in a direct way with a single price for goods and services and an embedded environmental benefit with every transaction. We are delighted that LMAX is the first regulated MTF to list Ven and see this as a significant step in the growth of what we believe will be a serious financial instrument going forward.”
David Mercer, CEO of LMAX Exchange, said: “Ven is already used for real goods and services and traded on digital asset exchanges, but this is a major step forward in the development of virtual currencies in that listing on LMAX Exchange makes it a tradable currency. Digital currencies, such as Bitcoin, have been the focus of a lot of attention over the last year. The challenge going forward is for them to become transferable. In order to become credible, virtual currencies have to be able to be used as a purchasing tool.
“Ven is ideal as the first virtual currency we are listing. But is also by no means the last, and fully we intend to exploit the market potential that credible virtual currencies have to offer.”