VeChain Q2 Financial Report Reveals $535M in Crypto Reserves

VeChain Announces Hiring 100 Developers For Europe
  • There are $535 million in $BTC, $ETH, $VET, and stablecoins in VeChain’s vaults.
  • VeChain has expanded its network to include UCO Network and TruTrace.

The second quarter financial report for 2022 has been released by the VeChain Foundation. There are a total of $535 million in $BTC, $ETH, $VET, and stablecoins in VeChain’s vaults, as reported in the paper.

There was a 44% drop in the value of all reserves compared to the first quarter. VeChain’s reserves of stablecoins are presently worth a total of $60,404,839. Further, the organization has amassed a total of 474,887,226 tokens in BTC, ETH, and VET.

VeChain has recently increased the number of companies it works with. By bringing on UCO Network and TruTrace as collaborators on future blockchain initiatives. VeChain, according to the report, is still committed to developing solutions that address pressing problems. Moreover, support commercial endeavors, stimulate global economic expansion, and provide a solid foundation for digital innovation.

According to the report, VeChain will also be looking for companies to work with that are developing creative and disruptive technologies. According to the company’s income statement, VeChain spends the most money on public relations and marketing, followed by sustainable development goals (SDG) projects and legal costs.

Four months ago, VeChain signed a $100 million contract with the mixed martial arts organization, the Ultimate Fighting Championship (UFC).

In an effort to justify the increase in legal costs, the foundation said that it had incurred greater expenditures in this area during the final steps of creating a new European headquarters. Over the last several years, the company has seen a surge of interest and acceptance across Europe. Consequently, it’s important to establish a base of operations there.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.