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- Supply chain tracing project has a comfortable cushion in its Foundation treasury, but expenses were too low throughout its initial quarter of 2022.
- Financial report of VeChain for first quarter 2022 highlights its balance sheet as of 31st March and its expense flow.
- As of this writing, VET, indigenous token of VeChain, was trading at a market value of $0.03693, down by 12.02% during past 24 hours.
VeChain Foundation Are Spending Efficiently
VeChain Foundation has unveiled its financial report for Quarter 1 2022, representing that the project amassed a mesmerizing $1.2 Billion war chest but kept their expenses under control, spending just around $4.1 Million in quarter.
It is a blockchain project model to intensify supply chain management.
Foundation’s financial report for Q1 2022 highlights its balance sheet as of March 31 and its expenses throughout the quarter. Even though the treasury opened this year with $1.37 Billion in assets between VET, ETH, BTC, and stablecoins. Report said that majority of losses were incurred because of cryptocurrency market fluctuations and other VeChain Foundations outgoings.
Of the $4.1 million outlaid in Q1, Foundation spent $1.8 million on ecosystem business development, which was the biggest expense. That involves collabs, community events, brokers, wallet providers, custodians and ecosystem project cooperation.
| 31st December 2021 | 31st March 2022 | |
| Stablecoins | 92,592,070 | 86,967,094 |
| BTC/ETH/VET | 1,281,099,085 | 1,128,826,155 |
| Total in US Dollars | 1,373,691,155 | 1,215,793,249 |
Next was $1.1 million on ecosystem operations like external services, consulting fees, utilities, office space, costs.
While the report says that the treasury will be utilized to “ensure VeChainThor blockchain’s long- term development,” it is not clear whether foundation will open a faucet on the treasury for more expenses on investments.
| 2022Q1 | Spending Amount | Total Value In USD | |
| Categories | Paid In Tokens | Fiat (USD) | |
| Eco BD | 1,802,144.97 | 1,802,144.97 | |
| Eco BD-SDG | 18,897.84 | 18,897.84 | |
| Eco-Ops | 398,519.25 | 714,251.81 | 1,112,771.06 |
| PR & Marketing | 625,679.64 | 29,705.84 | 655,385.49 |
| Tech-Ops | 237,758.1 | 148,196.65 | 385,954.76 |
| Tech-Infras | 56,708.99 | 56,708.99 | |
| Legal and Fin | 71,802.36 | 71,802.36 | |
| Total | 3,082,999.81 | 1,020,665.66 | 4,103,665.46 |
How much money the Foundation earned wasn’t mentioned in the report. VeChainThor blockchain gathers fees for transactions which are dispersed among verifiers and other stockholders in the ecosystem. However, data regarding total fees accrued is unclear from the monetary report.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
