DEFINITION of Ven

A virtual currency used by members of the social network Hub Culture for the purchase of goods and services. Ven's value is derived from a basket of currencies and financial instruments, and it trades according to a floating exchange rate on the internet and in retail stores.

BREAKING DOWN Ven

Ven was launched in 2007. It can be traded peer-to-peer without the use of a currency exchange. A certain portion of its value is based on carbon credits and because it is not a physical currency, it is touted as being "green currency." It was also the first virtual currency to be traded on a multilateral trading facility (MTF), or forex exchange, when it began trading on London's LMAX exchange in 2014.