VeChain has hundreds of millions in Bitcoin, Ethereum, VET and stablecoins

• VeChain Foundation’s Q2 2022 financial report shows it has $535 million worth of crypto reserves.
• The company’s crypto value for Q2 2022 is 44 percent less than Q1 2022.

On Friday, Top enterprise blockchain, VeChain, released its financial report for the 2nd quarter of 2022 as part of its dedication to transparency regarding the operation of the business. One of the highlights is that VeChain owns $535 million in stablecoin, VET, BTC and ETH reserves.

VeChain claimed it remains a leader in enterprise adoption in the public blockchain space despite significant headwinds affecting the global economy this year. It further revealed that it had maintained a healthy balance with sufficient reserves of crypto assets, which will be enough to sustain the growth and upgrade of VeChain Thor in the coming years.

The #VeChain The Foundation’s financial report for Q2 2022 is now available at:

As always, we are dedicated to providing transparency related to expenses and assets under management at VeChain Foundation.#VeFam #Blockchain #Crypto $KNOW $BTC $ETH

— VeChain Foundation (@vechainofficial) 30 September 2022

However, total reserve capital fell by 44 percent compared to the Q1 2022 report. The company stated that the decline in the value of crypto assets is a result of bearish conditions in the crypto market. Currently, VeChain’s stablecoin reserves stand at 60,404,839. The foundation also owns a total of 474,887,226 tokens divided between VET, BTC and ETH.

However, VeChain added that its crypto reserves would be enough to survive the current crypto winter. “The VeChain Foundation is well positioned to weather the storm of the crypto market with its reserve of over half a billion dollars.”

Proceeding

The report further said that VeChain remains focused on creating tools that solve real-world problems, advance business activities, increase economic growth worldwide and provide a sustainable foundation for digital transformation. VeChain has recently added new partners to its network, with UCO Network and TruTrace being their latest partners.

The report also states that VeChain will continue to seek collaboration with partners that have disruptive and innovative applications. VeChain’s profit and loss data indicates that the highest expenses are on PR and marketing, while SDG projects and legal fees are the second and third highest expenses, respectively.

The report’s PR and marketing section indicated VeChain’s $100 million deal with the mixed martial arts organization (The Ultimate Fighting Championship, UFC) four months ago. It is worth mentioning that the UFC agreed to receive its payment from the partnership agreement in VET tokens. Thus proving that UFC is a massive believer in VeChain and its native token.

The foundation explained the increase in legal fees, saying it was spending more on legal consultation in the final stages of establishing a new European headquarters. The firm has witnessed a flurry of activities and adoption across the European continent. Hence the need to have a headquarters for that region.

The latest has been the UCO network’s use of the VeChain blockchain to track cooking oil across Europe to help convert such oils into biofuel. The best footwear brand (Fibonacci Footwear) and top Ginseng Snack Producer (Shan) are two popular brands that use VeChain blockchain technology. In an interview in August, VeChain CEO Sunny Lu claimed that enterprise blockchain is out to change the world.