VeChain Foundation’s Q2 Reserves Down by 44% Over Q1

VeChain Foundation’s Q2 Reserves Down by 44% Over Q1
  • VeChain Foundation reports $535 reserves in BTC, ETH, VET, and stablecoin.
  • The 17th VeChain financial report covers this year’s April to the end of June.
  • These reserves will help with VeChainThor’s upgrade in the future years, the report says.

The VeChain Foundation disclosed its Financial Executive Report for Q2 2022. The report says VeChain currently holds $535 million in Bitcoin, Ethereum, VeChain token, and stablecoin reserves.

“With the purpose of fostering transparent communication on our accomplishments and creating tangible economic value with blockchain technology,” VeChain mentioned in the report.

The balance sheet, as shown below, presents the total value of tokens held by the Foundation. The total asset value, which was separated from BTC/ETH/VET and stablecoins, was down 44% and has depreciated from $1.2 billion (Q1) to $535 million (Q2).

Source: Vechain Foundation financial report Q2 2022

Acknowledging how rough the global economy suffers over the past few months, the Foundation asserted that they have been “fortunate enough to be in a leading position with regards to enterprise adoption in the public blockchain space.” 

Furthermore, the team stated that they have maintained a strong trajectory to continuously develop the “Foundation’s growth objectives.” With these financial assets in reserve, VeChain said they will be able to keep up in developing and upgrading VeChainThor for several more years. The firm’s tech development, marketing efforts, and growth in Europe have earned them their strong financial footing right now. 

Moreover, VeChain tech was constantly gaining business partners on a variety of innovative and disruptive applications. On Monday, the VeChain team announced its partnership with TruTrace Tech, which aims to incorporate blockchain tech into the pharmaceutical industry.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.