VeChain Foundation Reports Healthy Finances Despite Q3 Drawdown

• VeChain Foundation released its financial report for Q3 2022, showing $397 million worth of assets in its treasury.
• The report highlights that the project has healthy finances, with $48.8 million worth of stablecoins and $348.6 million worth of Bitcoin (BTC), Ether (ETH), and VeChain’s native token VET.
• The total balance is down 26 percent from its Q2 total of $535 million, attributed to the cross-crypto market drawdown in 2022.

The VeChain Foundation have recently released their financial report for the third quarter of 2022, which reveals healthy finances for the project. According to the report, the Foundation hold assets worth $397 million in their treasury. This includes $48.8 million worth of stablecoins, as well as $348.6 million worth of Bitcoin (BTC), Ether (ETH), and VeChain’s native token VET.

The Foundation attributed the 26 percent drop in the total balance since the second quarter of the year to the cross-crypto market drawdown of 2022. The year has been a difficult one for the global economy, and the Foundation have recognised this. Nevertheless, they remain optimistic for the future, citing indications that the headwinds are starting to abate.

The VeChain Foundation have always maintained that their accountability and transparency is of utmost importance, and this latest report is evidence of this. They feel confident that the amount of funds they currently have in their treasury is enough to ensure the network achieves its sustainability goals in the future. Moreover, they are optimistic that the amount combined with a resurgent crypto market will be enough to guarantee them adequate funding for many years to come.

Experience the Web3 Revolution at Building Blocks 23!

• Building Blocks 23, a web3 builder-focused event, will be hosted in central Tel Aviv on February 7, 2023.
• The event will be co-hosted by Collider, Fireblocks, MarketAcross, and StarkWare.
• The one-day event will feature workshops, panel discussions, and informal events about web3 entrepreneurship, leading protocols, fundraising, product market fit, security, community building, and more.

Tel-Aviv is home to some of the world’s most innovative startups and on February 7th, 2023, the city will be hosting Building Blocks 23, a web3 builder-focused event. This one-day event will be co-hosted by Collider, Fireblocks, MarketAcross, and StarkWare, bringing together Ethereum developers and communities.

The event will be filled with workshops, panel discussions, and informal events to help guide delegates through the art of creating a successful web3 business. Founders and builders will share their personal knowledge and experience of the industry’s ups and downs, including lessons, mistakes, and success stories of successful web3 builders. During the talks, participants will learn about the lessons and experiences of building in web3, mastering leading protocols, and staying on course in the face of market turbulence. Other topics will include fundraising, finding product market fit, building a security-first organization, growing a community, and building teams and culture in a distributed setting.

In addition, a series of interactive sessions will be held to discuss game theory, liquidity, and product strategies. There will also be opportunities to learn about DeFi, tokenomics, and Web3 development. Building Blocks 23 will also feature a series of networking events, allowing participants to connect with other web3 businesses and developers.

Overall, Building Blocks 23 is an excellent opportunity to gain insights and knowledge from experienced web3 businesses and developers. With the emergence of web3, the co-hosts of Building Blocks 23 are excited to support the city’s forward-thinking startup culture, bringing together the best collective experiences and insights that the country has to offer.

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