VeChain Foundation Spends Just $4M In Quarter 1 From Its $1.2B Treasury

VeChain Foundation

  • Supply chain tracing project has a comfortable cushion in its Foundation treasury, but expenses were too low throughout its initial quarter of 2022.
  • Financial report of VeChain for first quarter 2022 highlights its balance sheet as of 31st March and its expense flow.
  • As of this writing, VET, indigenous token of VeChain, was trading at a market value of $0.03693, down by 12.02% during past 24 hours.

VeChain Foundation Are Spending Efficiently

VeChain Foundation has unveiled its financial report for Quarter 1 2022, representing that the project amassed a mesmerizing $1.2 Billion war chest but kept their expenses under control, spending just around $4.1 Million in quarter.

It is a blockchain project model to intensify supply chain management.

Foundation’s financial report for Q1 2022 highlights its balance sheet as of March 31 and its expenses throughout the quarter. Even though the treasury opened this year with $1.37 Billion in assets between VET, ETH, BTC, and stablecoins. Report said that majority of losses were incurred because of cryptocurrency market fluctuations and other VeChain Foundations outgoings.

Of the $4.1 million outlaid in Q1, Foundation spent $1.8 million on ecosystem business development, which was the biggest expense. That involves collabs, community events, brokers, wallet providers, custodians and ecosystem project cooperation.

31st December 202131st March 2022
Stablecoins92,592,07086,967,094
BTC/ETH/VET1,281,099,0851,128,826,155
Total in US Dollars1,373,691,1551,215,793,249
VeChain Foundation Treasury From Quarter 1 2022

Next was $1.1 million on ecosystem operations like external services, consulting fees, utilities, office space, costs.

While the report says that the treasury will be utilized to “ensure VeChainThor blockchain’s long- term development,” it is not clear whether foundation will open a faucet on the treasury for more expenses on investments.

2022Q1Spending AmountTotal Value In USD
CategoriesPaid In TokensFiat (USD)
Eco BD1,802,144.971,802,144.97
Eco BD-SDG18,897.8418,897.84
Eco-Ops398,519.25714,251.811,112,771.06
PR & Marketing625,679.6429,705.84655,385.49
Tech-Ops237,758.1148,196.65385,954.76
Tech-Infras56,708.9956,708.99
Legal and Fin71,802.3671,802.36
Total3,082,999.811,020,665.664,103,665.46
VeChain Foundation Expenditure Through Quarter 1 2022

How much money the Foundation earned wasn’t mentioned in the report. VeChainThor blockchain gathers fees for transactions which are dispersed among verifiers and other stockholders in the ecosystem. However, data regarding total fees accrued is unclear from the monetary report.

Source: https://www.thecoinrepublic.com/2022/05/11/vechain-foundation-spends-just-4m-in-quarter-1-from-its-1-2b-treasury/