Oct. 9, 2013
), a global supplier of advanced telecommunications based fraud prevention, authentication and transaction verification solutions and a wholly owned subsidiary of Elephant Talk Communications Corp. (NYSE MKT: ETAK), is pleased to announce a new partnership with Ven,
, a leading global virtual currency managed by the Hub Culture Group,
Following a stringent technical evaluation process, ValidSoft was selected by Ven for its state-of-the-art, specialized purpose security architecture SMART™ (Secure Mobile Architecture for Real-Time Transactions™) to underpin its own advanced consumer offerings in social networking and virtual exchange. The derivative platform, known as SMARTvc™, is aimed specifically at addressing inherent security needs in virtual currencies - subscription, management, administration - and ensuring the integrity of transactions resulting from the global usage of virtual currencies where authentication, privacy and/or data integrity is paramount. Ven will debut platform extensions featuring scalable security solutions later this year with an expanded set of consumer offerings with corporate partners.
Pat Carroll, CEO of ValidSoft
stated, "We are excited about our partnership with Ven and see incredible potential for ValidSoft solutions in the global use of Ven, the premier global virtual currency and the established leader in financial markets for hedging, carbon trading and environmental offsets. We believe that virtual currencies are at an inflection point and will increasingly become an important aspect of global trading in general. Based on the wide range of uses for virtual currencies, the fraud community will increasingly focus their attention on such currencies and we believe we offer Ven and others the most advanced security protection available in the world today. Traditional security methods are inadequate and unsuitable for the world of virtual currencies, in particular where transactions will be increasingly carried out in the mobile world. We have customized our SMARTvc™ architecture for authenticating mobile payments utilizing virtual currencies transactions and we intend to become the industry leader in securing the virtual currency space."
Stan Stalnaker, Founding Director of Hub Culture
, commented, "As the scale of complexity in virtual currency economies explodes, we are determined to design and implement the most user friendly and secure capabilities to safeguard against inevitable attempts by fraudsters to take advantage of emerging financial exchange methods. The Central Ven Reserve System currently identifies transactions to mitigate issues around compliance, money laundering and theft, and customized SMARTvc™ architectures will be at the core of new exchanges linking Ven to other virtual assets. We are honored to collaborate with a world class company like ValidSoft in redefining Fraud Prevention™ and are delighted Ven will be at the core of ValidSoft's work to enhance security in this brave new world."
"Hub Culture is leading the world in the creation of green, clean and transparent financial ecosystems, and making sure these new capabilities employ a new world standard of safety, privacy and security for our members. Thanks to this partnership with ValidSoft, Ven will accelerate its evolution as a cutting edge global financial tool. As Ven moves from the relative confines of Hub Culture into digital financial markets, they will embed security as a core element in all levels of Ven – from P2P transactions and corporate holdings to trading markets for equities, commodities and other currencies. Ven's 100% reserve backing, unique environmental DNA, diversified price stability and ease of use are enhanced by this serious approach to security standards. This will help cement Ven as the transparent, green, trusted choice for consumers, corporations and governments seeking to benefit from the opportunities presented by virtual currency," Stalnaker added.