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March 03, 2014

Hub Culture Acquires Stake in Alternet System Using Ven Digital Currency

Hub Culture has acquired a stake in Alternet Systems, an accelerator of high growth opportunities in digital currency and mobile commerce services by using Ven Digital Currency at the 2014 Mobile World Congress (News - Alert) in Barcelona. The deal is the first ever acquisition of a public company stake using Ven digital currency as the value metric for purchase.

Under this deal, Hub Culture will receive approximately 5 million shares of Alternet in the first ever acquisition of a public company stake using digital currency.

Alternet and Hub Culture will work together to launch new products and services to Ven users globally.

In order to make Ven more accessible, Hub Culture authorizes independent entities known as "Authorities" to manage the liquidity of Ven. Ven is distributed through Authorities. As an Authority, Alternet will allow the distributing of ven, 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.

Speaking more about the deal, Stan Stalnaker, Hub Culture Founding Director, said in a statement, "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 technology team.”

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. 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.”

Edited by Cassandra Tucker

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