HUB CULTURE AND UC GROUP PARTNER FOR NEW SERVICES USING VEN DIGITIAL CURRENCY
Hub Culture, the innovation-led social network service operating the global digital currency Ven, today announced in New York the appointment of the UC Group as an official Ven Authority. The deal lays the groundwork for new Ven services in the payment processing, retail and security sectors worldwide by the UC Group.
Payment management company, the UC Group, processes over 200 million online payments annually. Its solutions range from basic processing and acquiring packages for non-web merchants moving online, through to complex multi-currency, multi-channel systems for international businesses. The UC Group also enables an online, real-time fraud-reporting and avoidance model which minimizes worldwide fraud patterns and trends, and is developing an audit program to support proposed new rules and regulations relating to virtual currency in New York State. The integration of Ven into these services will open a market of over 500 million online consumer transactions for downstream integration. As part of the arrangement, Hub Culture also receives agency coverage for MSB licensing and national banking license coverage in the United States for Ven vertical activities executed through the UC Group of companies.
What is Ven?
Ven is a global digital currency established in 2007 through social network HubCulture.com and is the only digital currency also trading on regulated financial exchanges such as LMAX Exchange and Kraken digital asset exchange.
Ven is asset backed in real-time with a mix of fiat currencies, commodities and carbon, and is priced against other major currencies at floating exchange rates, creating a globally diversified, hedge oriented currency. Ven was the first digital currency to float, the first used in bilateral commodity trading, and the first to include carbon in its makeup, making it the only environmentally linked currency in existence.
In order to make Ven more accessible, Hub Culture authorizes independent entities known as "Authorities" to manage the liquidity of Ven. Examples of what Authorities can do include operating on behalf of customers, providing real-time currency trading, allowing corporations to convert assets to Ven to hedge their balance sheet, to meet carbon obligations, or enabling an investment fund to use authority status to hold and control a large amount of Ven for a stable long-term investment solution. Ven is distributed through Authorities. The process is managed through a series of sophisticated hedging algorithms that balance the underlying reserves and issuance in real time with live financial markets data, updating as frequently as several times per second.
Hub Culture Founding Director, Stan Stalnaker announced the launch during a CAPCO hosted roundtable on digital currency institutional trading in New York. "Ven offers concrete advantages for institutional finance, corporations and economic producers as a stable reserve asset in the global financial system. Working with the UC Group as an Authority will deepen our roots in payment processing and forex hedging, providing useful benefits and cost-savings to consumers and companies across a wide spectrum. Watch this space."
Mr. Kobus Paulsen, CEO of the UC Group, commented, "The UC Group has rapid expansion plans; in just the past few weeks we've launched our own licensed acquiring bank, a prepaid card solution in partnership with First Data, and ST-1, our end-to-end payments platform for high risk operators. Integrating with Ven is part of this strategy for ambitious growth. We're on the crest of a wave in terms of digital currency, and by working with Ven, the UC Group will stay at the forefront of payments innovation."
Stalnaker finished: "Our strategy is markedly different than the hundreds of decentralized crypto-currencies that place their faith in a fixed supply of their asset and reject central authorities to manage them. While decentralized currencies have great merit, the human role in managing Ven is designed to allow flexibility to deal with changing circumstances. Coupled with HubID, our transparent ledger, this allows us a clear and judicious path when working to comply with regulators and financial governing authorities worldwide."
About Hub Culture and Ven
Hub Culture is a global collaboration network building a brighter future. The community is driven by four projects: the Ven digital currency, Pavilions for meeting and connecting, knowledge brokerage, and Online Identity Management - HubID.
Ven is the only digital currency to be priced from a basket of currencies, commodities and carbon futures, making it green, grounded and stable. Ven is growing as a transparent financial tool for individuals, companies and institutions worldwide. As the first widely used digital currency and now an Internet Reserve Currency, Ven's history is one of constant evolution.
Ven is issued and regulated by Hub Culture and the Ven Central Reserve Board, a group of financial experts from within the community tasked with protecting the integrity of Ven.
Hub Culture was founded in 2002 and maintains offices in London, New York, Bermuda, Hong Kong, and Geneva. Since 2007, over 60 million units of Ven have exchanged hands, with 60% of Ven used for redemption of goods and services in the Hub Culture platform and the rest trading in regulated financial markets. The currency is growing at an increasing rate as it finds a home in the financial world. It delivers four principal benefits: global, stable, green, and secure.
Learn more: HubCulture.com and Ven.VC
Read the announcement on HubCulture.com: https://hubculture.com/groups/237/news/683/
About the UC Group
The UC Group incorporates:
Secure Trading, the UK's leading independent payment processor, enjoys an excellent reputation for first class service and reliability. Secure Trading's customers range from blue-chip businesses to SMEs, across every sector of the online market. Secure Trading has a significant market share in retail and gaming. As a highly profitable and expanding Company, it invests heavily in its people, products, R&D and infrastructure. Secure Trading is a well-recognized brand and a trusted partner to ecommerce businesses world-wide.
Cognosec, a governance, risk and compliance specialist, Qualified Security Assessor (QSA) and Approved Scanning Vendor (ASV). Cognosec helps organizations meet regulatory demands including PCI DSS, and operate with the most stringent levels of security. Cognosec is developing an audit program in response to proposed new rules and regulations by the New York Department of Financial Services. The audit will help ensure that licensees operate stringent cyber security processes, including identifying internal and external risks, protecting systems from unauthorized access, detecting and responding to data breaches.
Secure Trading Financial Services, a new financial institution and fully regulated EU entity, licensed with Visa and MasterCard.