VeChain Q2 financial report shows 44% loss from $1.2 billion
- VeChain’s total assets have grown from over $1.2 billion to $535,292,065.
- The company attributes the crushing decline to global market meltdowns.
- New builders have entered the VeChain ecosystem by creating various new use cases like Fibonacci shoes.
VeChainThor, the leader in real-world blockchain adoption, has released its financial report for the second quarter of the year. The publication is the seventeenth in the series of financial executive reports of the VeChain Foundation, capturing the periods from April 2022 to the end of June 2022.
The #VeChain Foundation Q2 2022 Financial Report is now available at: https://t.co/MhF3iNVJqEAs As always, we remain committed to providing transparency regarding expenses and assets under management at the VeChain Foundation.#VeFam #Blockchain #Crypto $VET $BTC $ETH
— VeChain Foundation (@vechainofficial) September 30, 2022
The company’s balance sheet shows that the total value of the tokens it holds has depreciated by almost 50%, from over $1.2 billion in March 2022, through stablecoins, (BTC), (ETH), and its current native VET token standing at $535,292,065. , with $60,404,839 in stablecoins and $474,887,226 in the three cryptocurrencies.
The company attributes the crushing decline to global market meltdowns. Although VeChain expresses great optimism to weather the storm with its reserve of more than half a billion dollars.
Additionally, it incurred capital expenditures of $10,172,437.49 from PR and marketing, legal advisory services, Tech-Ops, SDG projects, and more.
During the quarter, new builders entered the VeChain ecosystem leveraging its technologies to create various new leads and use cases. Some of the popular ones that have caught the attention of the general public include Fibonacci Footwear, [email protected] and Shan, the producer of ginseng snacks.
In June, VeChain Foundation officially announced a global marketing alliance with UFC, providing many new opportunities for customers, visibility and a massive global audience of approximately 1 billion people worldwide. The collaboration with the UFC is a long-term strategic marketing event, and more advancements are in sight.
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