The VeChain Foundation has shared its Financial Report for Q2 2022. In the report, VeChain reports $535 million in $BTC, $ETH, $VET, and stablecoin reserves.
“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,” VeChain says in the report. “Despite the less-than-favorable market conditions, the VeChain Foundation maintains a strong financial footing with ample financial assets in reserve to support the continued support, development, and upgrading of VeChainThor for many years ahead.”
The total reserve asset value was down by 44% from Q1. The total value of stablecoins in VeChain’s reserves is currently 60,404,839. In addition, the foundation currently holds 474,887,226 tokens in crypto, spread across BTC, ETH, and VET.
The report continues, “despite global economic challenges, the VeChain Foundation retains its sharp focus on building products and services with its real-world-ready technologies that solve legacy pain points, support business activities and drive the global economic growth and digital transformation along a sustainable footing.”
VeChain has recently expanded its partnerships, adding UCO Network and TruTrace as partners in upcoming blockchain projects. “Of course, VeChain Tech continues to engage with enterprise and business partners on a variety of innovative, disruptive applications.”