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VeChain Foundation Reports $535 Million In Crypto Reserves

VeChain Foundation Reports $535 Million In Crypto Reserves


Cryptoknowmics
2022-10-01 15:13:47
VeChain Foundation Reports $535 Million In Crypto Reserves

As part of its dedication to transparency, market-leading business blockchain VeChain released its Q2 financial report on Friday. “As always, we remain dedicated to providing transparency relating to expenses and assets under management at the VeChain Foundation,” the foundation wrote while sharing a link to its balance sheet on Twitter. The #VeChain Foundation's Q2 2022 Financial Report is now available over at: https://t.co/MhF3iNVJqE As 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 VeChain Held Assets According to the shared balance sheet, the company held assets (Bitcoin, Ethereum, VET, and stablecoins) with a total dollar-denominated worth of more than $535 million at the end of the second quarter. However, it is 44% less than the $1.2 billion it had in reserves at the end of the first quarter. Notably, the company blames this fall mainly on the drop in the value of crypto assets during this time. Despite the fall, the company claims it has a substantial enough reserve to withstand the market volatility for cryptocurrencies. “With a reserve of over half a billion dollars, however, the VeChain Foundation is more than adequately positioned to weather the storm.” VeChain does not display how much exposure it has to each token, as was brought up...

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