Hub Culture Acquires Stake in Alternet Systems, Inc. using Ven Digital Currency
26th Feb 2014
Hub Culture today announced in Barcelona it has acquired a stake in Alternet Systems, Inc. (OTCQB:ALYI), an accelerator of high growth opportunities in digital currency and mobile commerce services. The deal is the first ever acquisition of a public company stake using Ven digital currency as the value metric for purchase.
The share purchase also includes a long term commitment to work with Alternet Systems to build new products and services with Ven, by granting Authority Status to the company. 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 sheets, 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 market data, updating as frequently as several times per second.
Hub Culture Founding Director, Stan Stalnaker announced the launch at a dinner hosted by Alternet Systems in Barcelona for the 2014 Mobile World Congress saying “As Ven becomes increasingly recognized as a secure and transparent unit of account its utility as a diversified hedge and stable store of value also grows.
Our investment in Alternet Systems is based on our confidence in the future success of the new products and services related to Ven which Alternet is developing with our core technology teams. We felt it was important to have a stake in their success as these services come to market. Granting Alternet Systems status as a Ven Authority leapfrogs them to the cutting edge of the multi-billion dollar digital currency industry, and maximizes their unique capabilities to grow Ven in new markets faster."
“Crucial to this is Alternet’s activity in mobile sectors where their connections across Latin America provide exciting opportunities to develop Ven as a tool for financial inclusion, remittances, environmental protection and foreign direct investment across the region, as well as the North American market.”
Mr. Henryk Dabrowski, CEO of Alternet Systems, commented, “Alternet Systems 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 technologies and affiliate customer bases provide rich new opportunities for this asset. Developing a strong expertise in new products and services in the digital currency sector is a core priority of our company. This evolution in strategy comes on the heels of our successful project with Utiba, which helped us build a wealth of connections and expertise that will benefit Ven and Hub Culture in the Americas.
After evaluating the opportunities in the Digital Currency arena, Management believes that this partnership with Hub Culture represented the best opportunity to become a leader in what we believe will become a multi-billion dollar digital currency online transaction industry.”
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 and our transparent ledger, this allows us a clear and judicious path when working to grow the Ven ecosystem with regulators and financial governing authorities worldwide.”
Ven is a global digital currency established by Hub Culture in 2007 and is the only digital currency also trading on regulated financial exchanges such as LMAX Exchange and the Kraken digital asset exchange. Ven is 100% 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 addresses transaction security technologies in part through its security partnership with ValidSoft, a wholly owned cloud sercurity subsidiary of Elephant Talk Inc (NYSE MKT: ETAK).