Vechain (VET), which develops Blockchain-based solutions for supply chains, shared its 2022 4th quarter report with the community. The financial report shows that the project weights these 3 coins in its $275 million reserve.
VeChain shares $275 million in crypto reserves
The VeChain Foundation has released its quarterly financial reports for the 4th quarter of 2022 (October-December 22). A breakdown of financial reports shows that the Foundation has $275 million worth of cryptocurrencies in its reserves. The reserves include a treasury of Bitcoin, Ethereum, VET and stablecoins, among other assets.
The foundation currently holds $35 million worth of stablecoins, as well as $240.3 million worth of cryptocurrencies, primarily BTC, ETH and VET. However, bear markets wiped out some of VeChain’s reserves. Reports show that the 3rd quarter reserve in 2022 is $357 million compared to today. This means a decrease of about 30% in three months in the 4th quarter of the same year.
VeChain reserves are falling
The VeChain Foundation explained the reserve decline in its latest blog: “4. Towards the end of the quarter, the fair value of the total reserves in USD was recorded as 275 million, indicating a decrease of 30.68% compared to the 3rd quarter. This decline was primarily attributed to the current crypto market situation.”
Additionally, the fintech firm has confirmed that a handful of customers are open to accepting cryptocurrencies as payment for their services. Customers accepting cryptocurrencies were paid approximately $2.18 million worth of cryptocurrencies, including VET. Close to $15.3 million was paid out with traditional forms of finance such as fiat.
The last blog highlighted that customers are open to receiving VET tokens as payment for their services. “’Pay by Token’ refers to an instance where a customer is willing to accept payment with VET. It is a sign of confidence and belief in the value of VET as a utility token.”
What about the VET price?
VeChain (VET) has been moving sideways for close to a month and timed in the $0.023 region on Monday. It doubled its price from January to the end of February this year, and pulled back again in March.
VET price predictions
In terms of price prediction, crypto experts at Changelly predict that VET will be worth at least $0.10 in 2025. They predict that the maximum price zone it can reach will be $0.12. Data collected by the Nasdaq shows that the average projection for VET in 2025 is $0.22. However, according to data published on Medium, the average forecast for VET in 2025 is $0.09.
Since VeChain is primarily used for staking and management, it is important to note that the increased adoption of VeChain does not necessarily mean increased demand for VET. The main features and usage areas that support the VET price, cryptocoin.com as reviewed in this article.
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