VeChain Holds $535 Million Reserves In Crypto Assets
As part of its commitment to openness, leading business blockchain VeChain released its Q2 financial report on Friday.
However, it is 44% lower than the value of its reserves at the end of the first quarter, which was over $1.2 billion. Notably, the business blames this reduction mostly on the decline in the value of crypto assets over this time period.
Despite the fall, the company claims to have a large enough reserve to withstand the crypto market’s volatility.
“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 reveal how much exposure it has to each cryptocurrency. Instead, it just displays the current dollar-denominated value, which is sure to change depending on market conditions and is far less clear.
Notably, the firm also published its profit and loss statement, or total costs. According to the report, the corporation spent the most on public relations and marketing, followed by SDG projects and legal expenses.
The firm emphasizes its $100 million arrangement with the UFC in June under PR and marketing. Furthermore, the report issued on Friday states that the UFC decided to accept payment in VET as a demonstration of faith in the token and VeChain.
At the time of writing, VET is trading at $0.023.
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