VeChainThor is the market leader in the adoption of blockchain technology in real-time, has released its annual financial reports for second quarter. It is the seventeenth of the VeChain Foundation Financial Executive Report series that covers the time period between April 2022 and the end of June 2022.
The #VeChain Foundation’s Q2 2022 Financial Report is now available over at: https://t.co/MhF3iNVJqEAs always, we remain dedicated to providing transparency relating to expenses and assets under management at the VeChain Foundation.#VeFam #Blockchain #Crypto $VET $BTC $ETH— VeChain Foundation (@vechainofficial) September 30, 2022
The balance sheet of the company reveals that the value of its tokens decreased by 50% from more than $1.2 billion in March 2022. This includes stablecoins, Bitcoin (BTC), Ethereum (ETH) and the native token VET currently sitting at $535,292,065, including $60,404,839 from stablecoins and $474.887,226 in the three cryptocurrency.
The company attributes the decrease in landslide on market collapses across the globe. However, VeChain has high hopes of fighting the storm with its over half a billion dollars reserve.
Furthermore, it was able to incur capital expenditures of $10,172,437.49 from Marketing and PR Legal consulting services, Technology-Ops SDG initiatives, and other things.
In the last quarter, several new builders joined the VeChain ecosystem and leveraged its technology to generate a range of new leads and applications. Some of the most popular builders that caught media attention included Fibonacci Footwear, Supply@ME, and Shan, the Ginseng snack maker.
Related: VeChain Announces the Release of the VeUSD Stablecoin.
The month of June was when VeChain Foundation officially announced the creation of a global alliance with the UFC that will provide a myriad of new opportunities for clients in terms of visibility, exposure, and a huge global audience of around 1 billion viewers across the globe. The alliance with UFC is an ongoing strategic marketing initiative with more developments are in the works.