The VeChain Foundation, which developed the cryptocurrency blockchain VeChain (VET), released its financial report for the first quarter of 2022.
According to the document, the firm held $1.2 billion in digital assets in reserve as of the end of March, of which $1.13 billion was in bitcoin, Ethereum (ETH) and VET and nearly $87 million in stabelcoin.
Compared to the fourth trimester of 2021, the value of cryptocurrency in the VeChain Foundation vault fell by 12%. The organization attributed the negative dynamics to the fall in the exchange rate of virtual currencies and rising costs.
In addition, in the first three months of 2022, the company spent $4.1 million to develop the blockchain ecosystem and maintain services. The VeChain Foundation did not report income, so it remains a mystery how much it was able to earn from its products.
On March 14, 2022, the VeChainThor blockchain saw the first VeUSD Stablecoin (VEUSD), which was developed by technology company Stably and issued by financial firm Prime Trust. The value of the coins is pegged to the dollar exchange rate, and they can be exchanged for fiat currency at any time. By the end of the first quarter, the number of VeUSD in circulation reached 5.2 million.