|By Business Wire||
|July 25, 2014 10:00 AM EDT||
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. 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.
Hub Culture Founding Director, Stan Stalnaker announced the launch during a CAPCO hosted roundtable on digital currency institutional trading in New York. “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.”
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.”
About Hub Culture and Ven
The Hub Culture 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. .