On June 30, 2023, the second quarter of 2023 came to a conclusion. Currently, VeChain has released its financial report for that time frame. Treasury funds total $311,363,588.15. This includes investments in stablecoins and digital currencies like BTC, ETH, and VET. According to VeChain, this value in treasury is nothing more than their steadfast dedication to efficiently managing the resources they do have.
Expenses totaled $19,503,661.12, which was on the upper side. The majority of it went into operations in law, finance, technology, and ecosystem growth as well as public relations and marketing.
It’s interesting to note that the total value of holdings is more than it was at the end of 2022, but lower than it was at the conclusion of 2023’s first quarter. Stablecoins and other cryptocurrencies have lost value. By the conclusion of the first quarter of 2023, the total value was $380,412,300.26. In December, it stood at $275,561,329.42.
The PR & Marketing department has incurred the majority of costs. The total is $12,102,635.26, which was paid in tokens and fiat money. Eco-Ops comes next, where $3,754,185.71 has been spent, once more using a mix of tokens and fiat money.
VeChain has said that it would continue to be dedicated to accelerating the uptake of innovation and blockchain technology in the future. The cost of VET is now having a beneficial impact on the financial report. The price of the token has increased by 0.34% over the previous 24 hours to $0.01683.
The native token may finally reach the level of $0.051 by the end of this year, according to VET price prediction. As an alternative, the token might oscillate at $0.021 before moving into the following year.
In addition to financial innovations, VORJ, SafeSwap, the Djokovic Foundation, and VeChain Events are noteworthy examples.
Businesses and developers now have easier access to Web3 as a service thanks to VeChain’s VORJ platform. This increases the range of blockchain-based applications. Decentralised exchange of cross-chain tokens is made possible by SafeSwap. For this, VeChain has teamed with top blockchain companies.
Events where the team indicated their participation are referred to as VeChain events. Consensus, the ReFi Summit, and technology seminars for developers are included in this.
A noteworthy occasion is the collaboration with the Djokovic Foundation. VeChain and the Foundation worked together to promote the sale of his Australian Open 2023 Finals racket. The goal was to raise money for initiatives related to education. This demonstrated VeChain’s dedication to helping humanitarian causes.
Days after announcing a strategic cooperation with Vyvo Smart Chain, VeChain released the financial report. This was a crucial turning point for both parties since it demonstrated how their goals of achieving healthy and sustainable results are similar. Even VeChain has referred to it as a new age in healthcare.
It is anticipated that VeChain‘s report for the third quarter of 2023, which ended in September, would be released soon. That will provide a clearer view of VeChain’s year overall.