VeChain proves sustainable economics as the project becomes a leader in the blockchain industry

• VeChain Foundation releases Q3 2023 financial report showing $397 million worth of assets in treasury.
• The foundation maintains that the amount is enough to ensure that the network reaches its sustainability goals.

In order to uphold its mandate of accountability and transparency, the VeChain Foundation has released its financial report for the 3rd quarter of 2022.

The report was first highlighted by VeChain community influencer ‘Eisenreich’, highlighting that the project has healthy finances. The foundation revealed that it has assets valued at $397 million in its treasury.

The VeChain trustees also claim that this amount combined with a resurgent crypto market “all but guarantees” that it will have more than adequate funding for many years to come.

VeChain Financial Report Q3 2022

“The value of assets in our treasury ($397 million) combined with a resurgent crypto market over the next few years almost guarantees the VeChain Foundation more than adequate funding for many years to come.” ✌️

Full report 👇 pic.twitter.com/qP1O50Bxvr

— eisenreich (@eisenreich) 9 January 2023

VeChain Foundation’s treasury assets in Q3 include $48.8 million of stablecoins and $348.6 million worth of Bitcoin (BTC), Ether (ETH) and VeChain’s native token VET. Notably, the total balance is down 26 percent from the second quarter total of $535 million.

The foundation attributes the decline to the slowdown in the cross-crypto market in 2022. It noted that the year was difficult for the global economy. However, it remains bullish as it sees signs of headwinds starting to ease in 2023.

The report estimates that 2023 will see further regulatory clarity unfold, particularly in Europe. This is expected to trigger a new phase for blockchain technology at large, and position VechainThor as a leading platform.

“In 2023, further regulatory clarity will unfold, especially in Europe, triggering a wave of adoption and ushering in an exciting new phase for the blockchain at large… We are confident that the VeChainThor blockchain will become a leading platform over the next the years when adoption begins to accelerate exponentially,” the report says.

Is VeChain already the blockchain of the digital-sustainable revolution?

The financial report is the first major news release from the VeChain Foundation since it announced the completion of VeChainThor’s upgrade to POA2.0. Nov. The 2022 event was a protocol-level upgrade that introduced finality as well as additional security mechanisms to VeChainThor.

At the time, the VeChain Foundation noted that the upgrade will enable VeChain to help organizations recognize and take action to address the looming global sustainability crisis.

The upgrade made VechainThor the most robust, scalable and secure public blockchain in the industry. According to the foundation, the network now meets the strictest regulatory data protection standards. And has also become the platform on which the digital-sustainable revolution can be built.

Meanwhile, firms have recognized the potential of VeChain. The number of VeChain partners has grown over the years. Per VeChain’s performance data, it currently has over 300 enterprise partners and more than 3,000 enterprise users. VeChain has also processed over 100 billion transactions and hosts more than 5,000 stock keeping units (SKUs).

The price of VET is already responding to growing optimism in the VeChain ecosystem. The token is up 12.4 percent since the start of 2023. At press time, the token is trading at around $0.0175, down 1.65 percent in the last 24 hours.