The VeChain Foundation along with its layer one blockchain VeChainThor, that are helping enterprises around the world adopt blockchain technology, has released its latest financial report for the second quarter of 2022.
The report includes information on the company’s assets and operations, and highlights what it has achieved in the last quarter. The Q2 2022 report covers the period from April 2022 to the end of June 2022.
VeChain has released the second quarter 2022 Annual Report as part of its commitment to being transparent about the business.
VeChain stated in its report that it holds over $500 million worth of its own token VET as well as stablecoin, Bitcoin (BTC), and Ethereum (ETH) reserves.
The VeChain foundation tweeted on its official Twitter account while sharing a link to its 2nd quarter financial report:
“As always, we remain dedicated to providing transparency relating to expenses and assets under management at the VeChain Foundation”
The $535 million in reserves, represents a reduction of 44% from what the VeChain Foundation held with regards to its digital assets in its first Quarter financial report which amounted back then to $1.2 Billion.
Notable, to mention here is that the decline in value was caused by the recent crypto crash that caused BTC to fall by over 70% from its All Time High price, and most altcoins to drop by 80% – 90%+ from their ATH as well.
VeChain also stated in its report that it has recently partnered with the UFC, UCO Network, SupplyMe and TruTrace with regards to their various scalable blockchain projects. VeChain Tech is always collaborating with partners to develop innovative and disruptor applications.
VeChain said in its report:
“The global economy has continued to face considerable headwinds this year, however, the VeChain Foundation has been fortunate enough to be in a leading position with regards to enterprise adoption in the public blockchain space”.