The VeChain Foundation has published its first-quarter report that reveals that its treasury accrued $1.2 billion worth of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), VeChain (VET), and stablecoins.
According to the report, in the first quarter of 2022, the blockchain project massively progressed in its quest to expand further into Europe, stating that it’s now ready to hire 1,000 technical staff in Ireland.
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The data provided shows that there’s a slight drop from $1.38 billion recorded in the fourth quarter of 2021, which can be attributed to price dips that have dominated the whole of 2022.
Remarkably, VeChain Foundation only spent around 4.1 million in the first three months of 2022, which are majorly for business development and operational costs.
Out of the $4.1 million reported by VeChain Foundation as the expenditure for Q1 of 2022, the report says $1.8 million was spent on ecosystem business development. These included partnerships, custodians, wallet providers, brokers, community events, and ecosystem project cooperation. This expense accounted for the highest amount spent in the quarter. The next was ecosystem operations which cost around $1.1 million.
Business Development in the First Quarter of 2022
As a layer1 blockchain designed to solve problems related to supply chain and sustainability, VeChain continues to expand its blockchain-based carbon management services all over the world.
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A few days ago, the project announced a partnership with Amazon Web Service (AWS) to build the VeCarbon emission management software-as-a-service (SaaS) system for serving China’s carbon neutrality goal in 2060.
In March 2022, the Foundation launched its first stablecoin VeUSD, developed by Stably and issued by Prime Trust, a Nevada-based trust company. Every VeUSD, fully backed by fiats, pegs 1:1 to the USD. The report noted that $5,249,789 worth of the new stablecoin had been minted by the end of Q1.
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