VeChain Foundation Reports $1.2B Remains In Its War Chest

The Vechain Foundation reports $1.2 billion remains in its war chest but the expenditures were also quite low for the first quarter of 2022 so let’s find out more today in our latest blockchain news.

The Vechain Foundation reports the project amassed an impressive $1.2 billion war chest but spent $4.1 million in the quarter. The Foundation’s reports for Q1 2022 outlined the balance sheet as of March 31 and how it spent the funds in the quarter. The treasury opened the year with $1.37 billion in assets in stablecoins, ETH, BTC, and VET and ended with $1.2 billion. The report stated that most of the losses were incurred because of crypto market fluctuations and other VEchain Foundation ongoings.

In the interest of continued transparency relating to the holdings and expenditures of the #VeChain Foundation, we are happy to share the Q1 2022 Financial Report:https://t.co/eJzc3NmBAx#SmartContracts #Blockchain #Finance #Cryptocurrency #VeChainThor $VET $VTHO

— VeChain Foundation (@vechainofficial) May 10, 2022

The BTC price dropped 34% since and ETH dropped by 36% with VET falling 54% since December 31, 2021 when the proejct started the Q1 tracking. Out of the $4.1 million in the first quarter, the Foundation spent $1.8 million on ecosystem business development which was the highest expense but it also included partnerships, wallet providers, custodians, brokers, community events, and crypto proejct cooperation.
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The $1.1 million on the ecosystem operations like team costs, utilities, consulting fees, and office space were also included.

While the reports show that the treasury will be used to ensure the long-term development of the VechainThorBlockchain, it’s still unclear whether the foundation will open the faucet on the treasury for more expenditures on the investments. Absent from the report was how much money the Foundation earned in the first quarter and the VechainThor Blockchain collected fees for transactions which are distributed between validators and other stakeholders in the ecosystem but the data on the total amount of fees accrued isn’t clear from the report.

Vechain’s carbon emission data management system and the partnership with major cement industry players were announced in the report. In Q1, the platform launched its own stablecoin via the Stably stablecoin issuer known as VeUSD and formed a new partnership with Amazon Web services to build the VeCarbon emission management software as a service for china. VET has a market cap of $2.6 billion but it got down by 0.6% over the past day and now the coin trades at $0.04.