The VeChain Foundation published its Q1 Report. It stated that its treasury had $1.2 billion in cryptocurrency by the end the quarter. This is a slight decrease from the $1.38 trillion recorded in Q4 2021. Surprisingly VeChain spent only 4.1 million in the first three months 2022, primarily for business development and operational expenses.
The Treasury Fund Overshadows Expenses
The report stated that the Foundation assured investors that its treasury was healthy with assets of over $1.2 billion in stablecoins and ETH. BTC. VET – VeChain’s native token. The report stated that the loss was due to “crypto market fluctuations” and other VeChain Foundation outgoings.
The Foundation spent $1.8million on ecosystem business development out of the $4.1 million it had allocated in the first quarter. These included community events, partnerships, custodians and wallet providers, brokers, as well as ecosystem project cooperation. This was the largest expense in the quarter. Next was ecosystem operations, which cost approximately $1.1 million.
The Foundation didn’t provide any details about its income for the quarter, despite an impressively managed balance sheet. The Foundation did not disclose any fee-related information, though transaction fees were distributed between validators and others.
VeChain, a layer-one Blockchain designed to address issues in supply chain sustainability and supply chain management, continues to expand its carbon management services using blockchain for countries.
Earlier this week, the project announced a partnership with Amazon Web Service (AWS) to build the VeCarbon emission management software-as-a-service (SaaS) system for serving China’s carbon neutrality goal in 2060.
The Foundation’s first stablecoin, VeUSD, was launched earlier by Stably. It was issued by Prime Trust (a trust company based in Nevada). Each VeUSD is fully backed with fiats and pegs 1:1 to USD. According to the report, $5,249.789 worth stablecoins had been created by Q1.
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