Hub Culture has partnered with mobile payment solutions provider, PyxPay, enabling the latter as an authority to manage its Ven digital currency.
According to its website, Hub Culture is a global collaboration network linking “over 25,000 global urban influentials.” It issues its Ven currency, which is redeemable on its network and is claimed to be backed by a basket of currencies, commodities and carbon credits. The currency is traded on Kraken’s cryptocurrency exchange as well as LMAX’s trading facilities.
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PyxPay describes itself as a provider of “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.”
The granting of “authority status” means that PyxPay can manage Ven’s transfer to other entities and its trading or conversion with other currencies. It is hoped that the partnership can help bring down the cost of remittances in regions with limited access to financial services.
Several months ago, Hub Culture purchased Alternet Systems (ATS) with its Ven currency, also granting it authority status. ATS, publicly traded on the OTC markets, also said to engage in payment solutions and has recently partnered with BitPay to add bitcoin to its supported currencies.