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HomeLaw & PoliticsVeChain unveils its Q1 financial report 2022: Read further to know more

VeChain unveils its Q1 financial report 2022: Read further to know more

The VeChain Foundation has released its financial report for the first quarter of 2022, revealing that the project collected an amazing $1.2 billion in cash reserves but spent just roughly $4.1 million in the period.

VeChain (VET) is a blockchain project meant to improve supply chain management.

The Foundation’s financial report for Q1 2022, released on May 10, details its cash flow as of March 31 and how funds were used throughout the quarter. The Treasury entered the year with $1.37 billion in assets spread over stablecoins, Bitcoin (BTC), Ether (ETH), and VET, but by the end of the year, it had only $1.2 billion. The bulk of the losses were suffered “due to crypto market fluctuations and other VeChain Foundation outgoings,” according to the study.

From December 31, 2021, when the project began recording its first quarter, the rate of ether has dropped 36%, and the rate of VET has dropped 54%. The rate of bitcoin has dropped 34%.

The organisation spent $1.8 million on ecological corporate development, which was the largest expense of the $4.1 million invested in Q1. Collaborations between regulators, wallet providers, dealers, meetups, and ecosystem project collaboration are all examples of this.

Then another $1.1 million was spent on ecological operations, which include staff expenses, office area, electricity, consulting fees, and outside services.

The treasury will be used to “guarantee the long-term development of the VeChainThor blockchain,” according to the report. Although it is unknown if the organization will open the tap on its treasury for further capital investment.

The amount of money earned by the Foundation during the first quarter is also missing from the report. The VeChainThor blockchain collects fees for transactions that are divided among validators and other ecosystem players. The financial report, however, does not include information on the overall amount of fees incurred.

The financial report announced VeChain’s carbon emissions data management system and VeCarbon’s relationship with concrete industry players.

Read more:

VeChain join hands with Alchemy Pay to provide VET tokens as payment in 2 million stores

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