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- 1 VET was trading at a market price of $0.01963000, up by almost 2% today.
- 2 Holdings in Bitcoin (BTC), Ethereum (ETH) and VeChain (VET) have increased significantly.
VeChain (VET) has revealed their latest quarterly report, providing an overview on the ecosystem’s progress in Q1 2023. A large number of digital assets came crashing down as the crypto market witnessed a regulatory clampdown from the Securities and Exchange Commission (SEC). However, VeChain financials are telling a different story.
VeChain Sees Rise in Expenditure
According to the financials revealed in VeChain’s official blog, VeChain’s treasury holdings have increased from $275 Million in Q4 2022 to $380 Million in Q1 2023. However, this is a sharp decrease (over the year) as the project reported $1.2 Billion in May 2022. Additionally, their expenses for the period reached nearly $7 Million, an almost 75% increase from $4 Million in May 2022.
Of the $380 Million in treasury holdings, VeChain holds $34 Million in stablecoins, a decline of over a Million worth of assets since Q4 2022. Moreover, holdings in Bitcoin (BTC), Ethereum (ETH) and VeChain (VET) have increased by over $100 Million to $346 Million. However, specific token holdings were not revealed in the blog.
A major chunk of expenses is owed to ecosystem operations with more than $3 Million spent during the period. Technical operations added $1.5 Million to the project’s expenditures. Rest of the expenses did not surpass even a Million dollars throughout Q1 2023. Nonetheless, revenue generated by the project was not mentioned anywhere in the release.
The network recently released VeWorld Wallet, a self-custody wallet. Currently, only the web wallet is accessible to the users and the mobile and desktop versions will be released later this year. VeChain Foundation released their whitepaper 3.0 in March 2023.
The Project Seeks Strategic Partnerships
Its Whitepaper revealed the project is actively seeking strategic partnerships to develop its sustainability-focused missions. Moreover, the project is also involved in development of interoperability solutions to connect blockchain with other technologies including 6G, artificial intelligence (AI) edge computing and more.
The project partnered with Amazon Web Services (AWS) in August 2022 for VeCarbon, the company’s carbon management.
The cryptocurrency market was seeing green signals with Litecoin (LTC) and Bitcoin Cash (BCH) rising by over 20% in a week. Solana (SOL) gained over 15% while Chainlink (LINK), Uniswap (UNI), Ethereum Classic (ETC) uptrend by more than 10%.
VET, native token of VeChain, was trading at a market price of $0.01963000, up by almost 2% in the market. The crypto asset has lost over 50% value between February and June 2023. It peaked to $0.03243900 this year after gaining more than 100% in January 2023.
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.
