MIAMI, FL--(Marketwired - Feb 26, 2014) - Alternet Systems, Inc. (OTCQB: ALYI) ("Alternet" or the "Company"), an accelerator of high growth opportunities in Digital Currency and Mobile Commerce services, today announced at the 2014 Mobile World Congress in Barcelona, Spain that they have been awarded Ven Authority status through a strategic partnership with Hub Culture. As part of the strategic transaction, 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 jointly be working together to introduce new products and services to Ven users globally. Ven is the only digital currency to be priced from a basket of currencies, commodities and carbon futures, making it green, grounded and stable.
What Is Ven
Ven is a global digital currency established in 2007 through the social network HubCulture.com and is the only digital currency trading on regulated financial exchanges such as LMAX.com and the Kraken.com 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 security technologies in part through its security partnership with ValidSoft, wholly owned cloud security subsidiary of Elephant Talk Communications Corp. (NYSE MKT: ETAK).
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 includes operating on behalf of customers, provide real-time currency trading, allow corporations to convert assets to Ven to hedge their balance sheet, to meet carbon obligations, or enable 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.
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."
Stan Stalnaker, Hub Culture Founding Director, commented, "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. 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, while also developing the North American market."
Mr. Stalnaker continued "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 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."
About Alternet Systems Inc.
Alternet Systems Inc. (OTCQB: ALYI), headquartered in Miami, Florida, is an enterprise accelerator company focused on the complimentary, high-growth markets of Digital Currency, Mobile and Internet Commerce and Cyber-Security products and services. Through its subsidiaries, Alternet captures and converts extraordinary growth opportunities surrounding the explosion of newly adapted Internet technologies and platforms. More information about Alternet and its subsidiaries can be found at www.alternetsystems.com and by following the company on Twitter www.twitter.com/alternetsystems.
About Hub Culture and Ven
Hub Culture is a global collaboration network building a brighter future. The community is driven by four projects: the Ven digital currency, 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 60 million units of Ven have exchanged hands, with 60% of 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.
Learn more: HubCulture.com and Ven.VC
"SAFE HARBOR STATEMENT" UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.