Ven and Pyxpay Announce Move into Mobile Payments

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10th Jan 2015




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Hub Culture today announced in New York an extension of its Ven Authorities network with Pyx Payments, a leading international payment processor integrated with the global Optimal Payments Network. 

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 the 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.

Ven Authorities

In order to make Ven more accessible, Hub Culture authorizes independent regulated 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, managing Ven denominated card issuance, 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 in New York saying “PyxPay’s innovative payment product portfolio and large global reach provide a wonderful set of opportunities for the continued growth of Ven, especially in emerging markets. We’re looking forward to extending Ven into global mobile payment applications and SMS environments to help power financial inclusion and lower cost remittance.  In fast growing developing markets, such as Africa, Pyx has systems interconnections to millions of customers, conducting over 400,000 transactions a day.”

Mr. Maner Puyawan, CEO of Pyx Payments, commented, “PyxPay is thrilled to join the family of Ven Authorities working to bring this new age digital currency to new markets around the world. Our expertise in mobile payment technologies enables Pyx to establish new services that will take Ven into mass market payment opportunities through our existing and growing interconnections and service provision to Banks, Remittance Companies, Payment Card Companies, Merchants and consumers.  Ven is already the oldest digital currency and largest asset-backed unit in the world, and we look forward to extending their technical capabilities in a variety of areas in the international payment sphere.”

Stalnaker finished: “Ven Authorities enjoy access to the world’s premier digital currency and a fantastic KYC/AML system with HubID, in a format that respects user privacy and the concept of financial self-sovereignty. While we continue to expand the utility of Ven for our network, we’re excited to be building new opportunities for partner audiences to drive financial inclusion everywhere.”

About Hub Culture and Ven

Hub Culture is a global collaboration platform. The community is driven by four projects: Pavilions for meeting and connecting, knowledge brokerage, and Online Identity Management - HubID. It's all powered by a digital currency, Ven.

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 500 million units of Ven have exchanged hands, with some 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 curve rate as it finds a home in the financial world.

For further enquiries please contact Hub Culture.

About Pyx Payments Corporation

PyxPay provides technology and payment systems to entities across the world who want to quickly establish mobile payment services under their own brand, or one of the many brands employed by PyxPay. Our mobile payment technology has been specifically designed to work on any mobile phone in any country and incorporates PCI products to ensure that Pyx payments are accepted at any Merchant Retailer. Pyx also has an extensive range of merchant payment services and hundreds of thousands of convenient mobile account pay-in points to offer the ultimate convenience. These services, together with a wide range of mobile spending options ensure that PyxPay is able to meet any new payment market demand.

Please visit www.pyxpayments.com

For further enquiries please contact Pyxpay.