The VeChain Foundation has released its financial report for Q1 2022, revealing that the project accumulated a $1.2 billion contingency fund but only expended $4.1 million throughout the quarter.
The VeChain Foundation’s financial report for Q1 2022, released on May 10, details its balance sheet as of March 31 and how monies were used throughout the quarter. The Treasury started the year with $1.37 billion in assets spread over stablecoins, Bitcoin (BTC), Ether (ETH), and VET, but by the end of the year, it had only $1.2 billion. The majority of the losses were sustained “due to crypto market fluctuations and other VeChain Foundation outgoings.
The Foundation spent $1.8 million on ecosystem business development, the most significant expense of the $4.1 million invested in the first quarter. Partnerships, custodians, wallet providers, brokers, community gatherings, and ecosystem project collaboration are all examples of this.
The next $1.1 million was spent on ecosystem operations, including team costs, office space, electricity, consulting fees, and outside services.
The treasury will be used to “guarantee the long-term development of the VeChainThor blockchain,” according to the report, but it is unclear whether the foundation would open the tap on its treasury for more investment expenditures.
The amount of money the Foundation made in the first quarter is also not included in the report. The VeChainThor blockchain collects transaction fees, which are divided into validators and other ecosystem players. However, the financial report does not include information on the overall amount of fees owed.
The financial report announced VeChain’s carbon emissions data management system and VeCarbon’s relationship with cement industry players.
About Vechain
VeChain was founded to challenge traditional business methods, and it is best recognized for its work in the supply chain, which has remained mostly unchanged over the years. Its work in developing a decentralized trust layer for multi-party ecosystems has already reaped significant rewards from high-profile clients and government agencies.
The current VeChain price is $0.039443 USD, with a 24-hour trading volume of $352,774,442. In the last 24 hours, VeChain has dropped 3.92 percent.
Also Read: The Cons of Vechain: Is VET really that strong?
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