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- VeChain Foundation releases Q3 2023 financial report showing $397 million worth of assets in its treasury.
- The Foundation maintains that the amount is enough to ensure the network achieves its sustainability goals.
In keeping its accountability and transparency mandate, the VeChain Foundation has released its financial statement for Q3 of 2022.
First highlighted by VeChain community influencer ‘Eisenreich,’ the report highlights that the project has healthy finances. The Foundation revealed that it has assets valued at $397 million in its treasury.
The VeChain custodians also assert that this amount coupled with a resurgent crypto market “all but guarantees” that it has more than adequate funding for many years to come.
VeChain Financial Report Q3 2022
“The value of assets in our Treasury ($397M) combined with a resurgent crypto market in the next few years all but guarantees the VeChain Foundation more than adequate funding for many years to come.” ✌️
— eisenreich (@eisenreich) January 9, 2023
VeChain Foundation’s treasury assets in Q3 include $48.8 million worth 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 its Q2 total of $535 million.
The Foundation attributes the drop to the cross-crypto market drawdown in 2022. It noted that the year was a difficult one for the global economy. However, it remains optimistic as it is seeing signs that the headwinds are starting to abate in 2023.
The report projects that 2023 will see further regulatory clarity unfold, especially in Europe. This is expected to trigger a new phase for blockchain technology at large, and position VechainThor as a leading platform.
“2023 will see further regulatory clarity unfold, especially in Europe, triggering a wave of adoption and ushering in an exciting new phase for blockchain at large… We are confident that the VeChainThor blockchain will become a leading platform in the next few years as adoption begins to accelerate exponentially,” the report said.
Is VeChain already the blockchain of the Digital-Sustainable Revolution?
The financial report is the first major news release of the VeChain Foundation since it announced the completion of VeChainThor’s upgrade to POA2.0. The Nov. 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 solve 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 been recognizing the potential of VeChain. The number of partners VeChain has grown over the years. Per VeChain’s performance data, it currently has over 300 enterprise partners and more than 3000 enterprise users. VeChain has also processed over 100 billion transactions and hosts more than 5000 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.