Source: Den Rise Shutterstock
- VeChain foundation’s financial report for Q2 2022 shows that they have $535 million in crypto reserves.
- The company’s crypto valuation for Q2 2022 is 44 percent less than Q1 2022.
On Friday, the Top enterprise blockchain, VeChain, published its Q2 2022 financial report as part of its dedication to transparency about its business. One of the highlights is that VeChain has a stablecoin, VET, BTC, and ETH reserve of $535 million.
VeChain asserts that it remains a leader in corporate adoption in the public blockchain space despite the headwinds affecting the global economy this year. It further revealed that it has maintained a healthy balance sheet with sufficient reserves of crypto assets, which will be sufficient to support the growth and upgrade of VeChain Thor in the coming years.
– VeChain Foundation (@vechainofficial) September 30, 2022
However, the total reserve assets decreased by 44 percent compared to the Q1 2022 report. The company stated that the decrease in the value of crypto assets is a result of bearish conditions in the crypto market. Currently, VeChain stablecoin reserves are at 60,404,839. Additionally, the foundation has a combined 474,887,226 tokens distributed across VET, BTC, and ETH.
However, VeChain added that its crypto reserves will be enough to survive in the current crypto future. “VeChain Foundation is well positioned to weather the crypto market storm with more than half a billion dollars in reserves.”
The report further said that VeChain remains focused on creating tools that solve real-world problems, improve business activities, boost economic growth worldwide, and provide a sustainable foothold for digital transformation. VeChain has recently added new partners to its network, with UCO Network and TruTrace being the latest partners.
The report also stated that VeChain will continue to seek collaboration with partners that have disruptive and innovative applications. VeChain’s Profit and Loss sheet data shows that the highest expenses are in PR and Marketing, while the SDG Project and legal fees are the second and third highest expenses.
The PR and Marketing section of the report refers to VeChain’s $100 million agreement with the mixed martial arts organization (Ultimate Fighting Championship, UFC) four months ago. Please note that the UFC receives payments from the partnership deal in VET tokens. Thus, it proves that UFC is a big believer in VeChain and its original token.
The foundation explained the increase in legal fees, saying it was more for legal consulting in the final stages of setting up a new European headquarters. The company has witnessed a lot of activity and adoption across the European continent. Therefore, it is necessary to have a headquarters for the region.
The latest is the UCO Network’s utilization of the VeChain blockchain to track cooking oil across Europe to help turn it into biofuel. Top footwear brand (Fibonacci Footwear) and top Ginseng Snack Producer (Shan) are two popular brands that use VeChain blockchain technology. In an interview in August, VeChain CEO Sunny Lu said that the company’s blockchain will change the world.