Blockchain
VeChain Foundation Releases First Quarter 2024 Treasury Report
The VeChain Foundation has released its first quarter 2024 Treasury report, showing a strong financial position and strategic investments aimed at promoting the adoption of blockchain technology. According to Official VeChainthe foundation’s treasury reported a value of $550,972,484.57 at the end of the first quarter.
Healthy financial foundations
The report highlights that the VeChain Foundation is well prepared for the next critical phase of mass adoption as blockchain technology becomes increasingly integrated into mainstream society. The foundation’s strong financial position ensures support for all future efforts, including strategic initiatives and community support tools.
Sunny, a leading figure at the foundation, commented on the approval of the Bitcoin (BTC) ETF in the first quarter of 2024, noting that it took eight years to get approval and involved significant effort from the community. You expressed optimism about the future of blockchain and digital currencies, predicting their mainstream adoption as key tools of the digital economy.
Balance
The balance sheet reveals the total value of tokens held by VeChain, denominated in US dollars. As of the end of the first quarter of 2024, the value of the treasury, including holdings in stablecoins, BTC, ETH and VET, amounts to $550,972,484.57.
First quarter 2024 expense sheet
The expense sheet covers various spending categories and provides a financial summary of the foundation’s activities, initiatives, developments and commitments:
- Echo BD: $1,315,500.00 spent on ecosystem development, early stage planning and consultancy, focusing on sustainable development and community building.
- Legal and financial: $151,803.73 USD spent on legal services, contracts, compliance and financial management.
- PR and marketing: $1,211,369.12 USD spent on event sponsorships, event planning and promotional activities.
- Technological operations: $3,792,747.05 USD spent on technical team salaries, external consultants, software subscriptions, IT equipment, travel expenses, and community operations.
- Ecological operations: $4,503,286.61 USD spent on outsourced development tools and team salaries.
A solid fiscal base
Heading into 2024, the VeChain Foundation reports a healthy treasury that supports the future of the foundation for many years to come. The foundation expects its assets to grow in value alongside the overall trajectory of the blockchain market, allowing it to fully engage in its vision of real-world adoption and bring fundamental value to the VeChainThor blockchain.
The foundation remains optimistic about its future, collaborating with world-class partners and navigating a favorable regulatory landscape. The team looks forward to leveraging their real-world adoption experience to advance the industry.
About VeChain
VeChain, based in San Marino, Europe, is the curator of VeChainThor, a leading smart contract platform pioneering real-world adoption of blockchain technology. Since 2015, VeChain has been working with enterprises to tokenize real-world assets (RWA) and enable business solutions in various fields.
Leveraging trustless data, smart contracts and IoT technologies, VeChainThor aims to build digital ecosystems that drive sustainability and digital transformation on a global scale.
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