According to the VeChain Foundation’s first quarter report, the foundation holds $1.2 billion in cryptocurrencies.
According to the report, the foundation owns Bitcoin (BTC), Ethereum (ETH) VET and various stablecoins. The foundation was holding $1.38 billion in cryptocurrencies at the end of 2021. It was stated that the reason for the decrease was due to fluctuations in the crypto market and foundation expenditures.
Of the $4.1 million it spent in the first quarter, the foundation allocated $1.8 million to develop the ecosystem. These included partnerships, custodians, wallet providers, brokers, community events, and ecosystem project collaboration.
Despite the fairly well-managed balance sheet, the foundation did not share any details about the revenue generated. Transaction fees distributed between validators and other stakeholders should have made up a significant portion of the revenue. However, no data on these figures were disclosed in the report.
VET is trading at $0.03022 at the time of writing, according to CoinMarketCap data.
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