- VeChain’s total assets dropped from over $1.2 billion to $535,292,065.
- The company blames the landslide decrease on the global market crashes.
- New builders entered the VeChain ecosystem creating various new use cases like the Fibonacci Footwear.
VeChainThor, the leader in real-world blockchain adoption, has published its financial report for the year’s second quarter. The publication is the seventeenth in the VeChain Foundation Financial Executive Report series, capturing the periods from April 2022 through the end of June 2022.
The #VeChain Foundation's Q2 2022 Financial Report is now available over at: https://t.co/MhF3iNVJqEAs always, we remain dedicated to providing transparency relating to expenses and assets under management at the VeChain Foundation.#VeFam #Blockchain #Crypto $VET $BTC $ETH— VeChain Foundation (@vechainofficial) September 30, 2022
The company’s balance sheet shows that the total value of tokens it holds has depreciated by nearly 50% from over $1.2 billion as of March 2022, across stablecoins, Bitcoin (BTC), Ethereum (ETH), and its native token VET current holding a stand at $535,292,065, with $60,404,839 from stablecoins and $474,887,226 across the three cryptocurrencies.
The company blames the landslide decrease on the global market crashes. Although VeChain expresses great optimism in weathering the storm with its over half a billion dollar reserve.
Additionally, it incurred capital expenditures to the tune of $10,172,437.49 from PR and Marketing, Legal consulting services, Tech-Ops, SDG projects, and more.
During the quarter, new builders entered the VeChain ecosystem leveraging its technologies to create various new leads and use cases. Some popular ones that attracted mainstream attention include Fibonacci Footwear, Supply@ME, and Shan, the Ginseng snack producer.
In June, VeChain Foundation officially announced a global marketing alliance with the UFC, offering numerous new possibilities for clients, visibility, and a massive global viewership of approximately 1 billion people worldwide. The collaboration with UFC is a long-term strategic marketing event, and more advancements in view.
The post VeChain Q2 Financial Report Shows a 44% Loss from $1.2 Billion appeared first on Coin Edition.