VeChain Foundation Releases Q1 2022 Financial Report

The VeChain Foundation released its first quarter 2022 financial report, which showed that the project had amassed an impressive capital of $1.2 bln, but only spent about $4.1 mln in the quarter. The VeChain Foundation financial report for Q1 2022 describes the balance as of March 31 and how it spent funds during the quarter.

The VeChain Foundation started the year with $1.37 bln in stablecoins, bitcoin (BTC), ethereum (ETH) and VeChain (VET) assets and ended the quarter with $1.2 bln. The report states that most of the losses are due to fluctuations in the cryptocurrency market and other expenses of the VeChain Foundation.

Of the $4.1 mln spent in the first quarter, the VeChain Foundation spent $1.8 mln on ecosystem business development, the biggest spend, according to the report. $1.1 mln was spent on team and office costs, utilities, consulting and external services.

Image: VeChain