Hub Culture is a global collaboration network founded in 2002. Over 25,000 global urban influentials are connected, giving the network far reaching ability to build worth through leveraged collaboration. Hub Culture operates around three functions - Pavilions (places to collaborate), Knowledge Brokerage (consulting and deal services) and Ven, a global digital currency. Ven is the first private currency to move into the financial markets and is priced from a mix of commodities and currencies. Ven delivers singular global pricing, a great currency FX hedge and green DNA to help support more sustainable economies. SNNLive spoke with Stan Stalnaker from Hub Culture at The FireRock Conference 2014 in New York City, NY.
Mr. Stalnaker begins with an overview of the company, “Hub Culture is a social network that was created back in 2002 and it operates a digital currency called ‘Ven’, which was the first digital currency to actually move into the financial markets. People often think of bitcoin as the poster-child for digital currency, but we actually invented the category back in 2007 with an asset backed currency that was existing within the social network and over time its been moved into the markets.”
He continues with what assets back the Ven, “It functions a little bit like an ETF, so there’s a number of currencies like Dollar, the Euro, the Pound, the Renminbi, the Yen and then commodities like gold, silver, agricultural commodities and carbon.” Being backed by carbon makes the Ven the first currency in the world.
“We kind of think of Ven as the Swiss Franc of the internet. It’s very very stable, it’s very very reliable in the sense that it has this asset backing, there a central bank that’s actually vouching for the value of the currency that’s in the market and this asset backing itself is highly, like diversified not only from a currency standpoint but from a commodities standpoint.”
Mr. Stalnaker concludes by stating, “At our core, we’re a social network right, so we understand this idea of community, about audience and the reason Ven was invented was that we had this global community of people who were part of hub culture and the idea of moving small amounts of value across borders when you had some people in Tokyo and some people in Brazil was a nightmare and so we thought we need a single store of value.” For more information, check out their website: www.HubCulture.com
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