• 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.