VeChain releases its financial report for Q2-2023

The second quarter of 2023 ended on June 30, 2023. VeChain has now published its financial report for that period. The total treasury is $311,363,588.15. This comprises holdings in stablecoins and cryptos like BTC, ETH, and VET. VeChain has said that this value in treasury is nothing but their strong commitment to effectively managing the resources that they have.

Expenses were on the higher side, with a value of $19,503,661.12. Most of it was allocated to PR & marketing, the development of ecosystems, and legal, financial, and technology operations.

Interestingly, the total value of holdings is higher than what it was on December 31, 2022, but less than the end of the first quarter of 2023. The value of stablecoins and cryptos has come down. In the overall sense, the value by the end of Q1-2023 was $380,412,300.26. It ended December at $275,561,329.42.

Expenses have been majorly incurred for the PR & Marketing department. The amount comes to $12,102,635.26, paid in tokens and fiat currency. It is followed by Eco-Ops, where $3,754,185.71 has been spent, again in a combination of tokens and fiat currency.

Moving forward, VeChain has said that it will remain committed to accelerating the adoption of blockchain and innovation. Meanwhile, the price of VET is showing a positive effect on the financial report. The token is available at $0.01683, an increase of 0.34% in the last 24 hours.

VET price prediction estimates that the native token may eventually reach the mark of $0.051 by the end of this year. Alternatively, there is a possibility that the token may dance around $0.021 before entering the next year.

Some notable developments in addition to financials are VORJ, SafeSwap, the Djokovic Foundation, and VeChain Events.

The VORJ platform by VeChain makes Web3 as a service more accessible to businesses and developers. This broadens the scope of applications that are based on blockchain. SafeSwap enables the swapping of cross-chain tokens securely via decentralization. VeChain has partnered with leading blockchain firms for this.

VeChain events refer to events where the team marked its participation. This includes technology workshops for developers, Consensus, and the ReFi Summit.

One event that stands out is the partnership with the Djokovic Foundation. VeChain collaborated with the Foundation to help sell his Australian Open 2023 Finals racket. The idea was to raise funds for educational causes. This highlighted the commitment of VeChain to supporting charitable causes.

VeChain published the financial report days after announcing a strategic partnership with Vyvo Smart Chain. This was a significant milestone for both since it showed that their visions align when it comes to delivering healthy and sustainable outcomes. VeChain has even called it a new era for healthcare.

VeChain’s report for the third quarter of 2023, ending in September, is expected to come out soon. That will paint a better picture of how the year has gone for VeChain.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 65,075.44
ethereum
Ethereum (ETH) $ 3,538.95
tether
Tether (USDT) $ 0.999597
bnb
BNB (BNB) $ 598.21
solana
Solana (SOL) $ 138.11
xrp
XRP (XRP) $ 0.494356
dogecoin
Dogecoin (DOGE) $ 0.12413
cardano
Cardano (ADA) $ 0.38665