The VeChain Treasury holds $1.2 billion in crypto as the Q1 reports show, and the foundation says the project accelerated the EU expansion during the first quarter as being ready to hire 1000 technical staff in Ireland as well so let’s read more today in our latest Vechain news.
The Vechain treasury holds $1.2B in crypto as per the Q1 reports, amassing the $1.2 billion in crypto by the end of the quarter which is a slight drop from the $1.38 billion that was recorded in the fourth quarter of 2021. The Foundation behind Vechain spent 4.1 million during the first three months of 2022 mainly for business development and other operational costs. According to the reprots, the Foundation ensured investors that its treasury spent $1.8 million on ecosystem development including partnerships, wallet providers, brokers, custodians, community events, and other projects cooperation. The expense accounted for the highest amount spent in the quarter and the next was the ecosystem’s operations which cost nearly $1.1 million.
Despite the well-managed balance sheet, the Foundation didn’t provide more details about its income for the quarter. The Transaction fees as distributed between the validators and other stakeholders made up a critical source of the revenue but no fee-related data was revealed from the report. As the layer-one blockchain is designed to tackle the issues in supply chain and sustainability but VeChain continues to expand the blockchain-based carbon management services for countries.
The project announced a new partnership with Amazon Web Service to build the VeCarbon emissions management software as a service system for serving China’s carbon neutrality goal in 2060. the Foundation also launched the first stablecoin veUSD that was developed stably and issued by Prime Trust so each VeUSD is fully backed by fiats, pegs 1:1 to the dollar and the report noted that $5,249,789 worth of the stablecoin was minted by the end of Q1.
As recently reported, The Vechain Foundation reports the project amassed an impressive $1.2 billion war chest but spent $4.1 million in the quarter. The Foundation’s reports for Q1 2022 outlined the balance sheet as of March 31 and how it spent the funds in the quarter.
The treasury opened the year with $1.37 billion in assets in stablecoins, ETH, BTC, and VET and ended with .
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2 billion. The report stated that most of the losses were incurred because of crypto market fluctuations and other VEchain Foundation ongoings.
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