They Have These Altcoins In Their Reserves! –

The VeChain foundation’s financial report for Q2 2022 shows that it has $535 million worth of Bitcoin and altcoin reserves. However, the company’s crypto valuation for the second quarter of 2022 is 44% lower than for the first quarter of 2022.

Altcoin tokens in VeChain’s reserves: VET, ETH and stablecoins

On Friday, VeChain released its Q2 2022 financial report as part of its commitment to transparency. One of the highlights is the altcoin projects owned by VeChain. The company holds $535 million worth of stablecoins, VET, BTC and ETH reserves.

cryptocoin.comAs you can follow, the global economy has been affected by significant winds this year. Despite this, VeChain claims to be a leader in institutional adoption in the public blockchain space. It also revealed that VeChain Thor maintains a healthy balance sheet with sufficient crypto-asset reserves that will be sufficient to sustain its growth and uplift in the coming years.

However, the total reserve asset fell 44% compared to the first quarter 2022 report. The company stated that the decline in the value of crypto assets is a result of bearish conditions in the market. Currently, VeChain’s stablecoin reserves stand at 60,404,839. Furthermore, the foundation holds a total of 474,887,226 tokens spread across VET, BTC, and ETH.

Meanwhile, VeChain says its crypto reserves will be sufficient to survive the current crypto winter. In this regard, “The VeChain foundation is well-positioned to weather the crypto market storm, with reserves exceeding half a billion dollars,” he says.

VeChain keeps moving forward

The report also states that VeChain continues to focus on building tools that solve real-world problems, stimulate business activity, boost economic growth worldwide, and provide a sustainable foundation for digital transformation. VeChain has recently added new partners to its network, including its latest partners UCO Network and TruTrace.

The report also states that VeChain will continue to seek collaborations with partners with disruptive and innovative applications. VeChain’s Profit and Loss chart data shows that their highest spend is in PR and Marketing. Also, SDG Projects and legal fees are the second and third highest expenditures, respectively.

The PR and Marketing section of the report cited VeChain’s $100 million deal with the mixed martial arts organization (Ultimate Fighting Championship, UFC) four months ago. It is worth noting that the UFC has agreed to receive payment from the partnership agreement in VET tokens. Thus, the UFC proved that it has great faith in VeChain and its native token.

Meanwhile, the Foundation is in the final stages of setting up a new European headquarters. That’s why he explained the increase in legal fees, saying he spends more money on legal advice. The firm has witnessed a flurry of activity and adoption across the European continent. Therefore, he says he needs a headquarters for the area.

The most recent was UCO Network’s use of the VeChain Blockchain to track cooking oils across Europe to help convert such oils into biofuels. Footwear brand Fibonacci Footwear and top Ginseng Snack Producer (Shan) are two popular brands using VeChain Blockchain technology. In an interview in August, VeChain CEO Sunny Lu claimed that enterprise blockchain will change the world.

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