VeChain Foundation reports dollar1.2B crypto treasury but spent just dollar4M in Q1
Categories: Crypto News US
The VeChain Foundation has released its financial report for Q1 2022, showing that the project amassed an impressive $1.2 billion war chest but only spent about $4.1 million in the quarter.VeChain is a blockchain project designed to enhance supply chain management.The Foundation’s Tuesday financial report for Q1 2022 outlines its balance sheet as of March 31and how it spent funds through the quarter. Although the treasury opened the year with $1.37 billion in assets between stablecoins, Bitcoin (BTC), Ether (ETH) and VeChain (VET), it ended the quarter with $1.2 billion. The report states that most of the losses were incurred “due to crypto market fluctuations and other VeChain Foundation outgoings.” The BTC price has fallen 34% since, ETH has fallen 36% and VET has fallen 54% since December 31, 2021, when the project marked the beginning of its Q1 tracking through March 31.While the report states that the treasury will be used to “ensure the long term development of the VeChainThor blockchain,” it is unclear whether the foundation will open the faucet on its treasury for more expenditures on investments.During Q1, VeChain launched its own stablecoin through the Stably stablecoin issuer known as VeUSD. It also formed a partnership with Amazon Web Service (AWS) to build the VeCarbon emission management software-as-a-service (SaaS) system for China.VET has a market cap of $2.6 billion and is down about 0.6% over the past 24 hours, trading at $0.04, according to CoinGecko data.