With the purpose of fostering transparent communication on accomplishments and creating tangible economic value with blockchain technology, the VeChain Foundation hereby presents the eighteenth VeChain Foundation Financial Executive Report, covering the period from July 2022 through end September 2022.
As always, we sincerely welcome the community to hold us to the commitment of transparency, including but not limited to the rigorous monitoring and usage of our funds, and the development of the VeChain Foundation, the entity responsible for the development of the VeChainThor public blockchain.
Solid Foundations Weather Macro Storms
2022 was undeniably a difficult year for the global economy, however we see tentative signs those headwinds are starting to abate. Global economic forecasts remain gloomy however, for blockchain technology and VeChain in particular, we remain wholly optimistic
2023 will see further regulatory clarity unfold, especially in Europe, triggering a wave of adoption and ushering in an exciting new phase for blockchain at large. Thanks to our laser focus on compliance, we expect to be tremendous beneficiaries of this unfolding clarity, as we enter the ‘plateau of productivity’ in the technology adoption cycle. We are confident that the VeChainThor blockchain will become a leading platform in the next few years as adoption begins to accelerate exponentially.
The balance sheet shows the total value of tokens held by the VeChain Foundation, representing BTC, ETH and VET, denominated by their US Dollar value.
Total in USD
P/L Sheet (Total Expenses）
The P/L sheet covers all spending categories and provides an income statement (P/L), a financial statement that summarises the revenues, costs and expenses incurred.
Total Value in USD
Paid in Token
PR & Marketing
Legal & Fin
At the end of Q3, total Treasury asset value was $397 million, down 26% from Q2 primarily due to the crypto market volatility. However, no matter whether bull or bear, the focus of VeChain remains unchanged, and we continue to build for a sustainable future.
The value of assets in our Treasury combined with a resurgent crypto market in the few years all but guarantees the VeChain Foundation more than adequate funding for many years to come.
In Q3, the Foundation has been focusing on bringing more SDG-related projects to build on VeChainThor, meeting teams from all over the world to explore how they can implement VeChainThor and leverage blockchain as part of their sustainability strategy.
Ecosystem operation cost covers the office expenses in San Marino and Dublin tech centre, including office rent, furniture, HR expenses, travelling and other general and admin expenses. It increased significantly in Q3 due to recruiters' payments, increased operation team headcounts and more business activities.
Tech operation cost goes to the salaries and IT equipment of the Dublin tech centre expansion.
PR & Marketing
UFC payments remain the most significant part of the marketing costs, along with the sponsorship fee for ATP Turin and Messari Mainnet. We value the partnership with these events as an opportunity to raise public awareness and strengthen the community by hosting meetups with long-term builders and supporters in the ecosystem at every event.
Marketing, integration and networking opportunities are of tremendous importance as we head into the era of mass adoption, with incredible brand exposure and collaborative opportunities arising from these partnerships, as well as offering new tools to drive community engagement and growth.
In Q3 of 2022, the VeChainThor blockchain continued to grow at a solid rate. There were 48,296 new wallets created and 573 new smart contracts deployed on the VeChainThor blockchain. The network continues to garner new users at the community and business level at a steady rate, a trend that will only continue to speed up as we move into 2023.
Attwood Import Export
A leading company that has exclusively imported and distributed luxury brands for almost 30 years, recognized as the largest premium alcoholic beverage importer and distributor in Cambodia, recently announced the implementation of an entirely new kind of security sticker built using the VeChainThor blockchain, the NFC-enabled ‘Attwood Blockchain Sticker’ (ABS).
OrionOne is a US-based global supply chain technology company behind a powerful SaaS platform built for companies within the supply chain industry. This partnership saw the direct integration of the VeChainThor blockchain, which allows OrionOne to offer companies a seamless and rapid onboarding ramp to utilising blockchain tech in their business.
TruTrace is a Canadian company that integrated VeChainThor to provide a blockchain platform for the legal cannabis, food, apparel and pharmaceutical industries. The platform aims at increasing the adoption of blockchain technology among the aforementioned sectors, while ensuring product provenance and authenticity.
About The VeChain Foundation
The VeChain Foundation, headquartered in San Marino, Europe, is the non-profit organisation behind the development of VeChainThor, a world leading smart contract platform spearheading the real world adoption of blockchain technology.
By leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts and IoT technologies, VeChainThor has delivered solutions in a wide array of fields, and now turns its attention to arguably the greatest challenge of all — building technologies and ecosystems to drive true sustainability and digital transformation at global scale.
Visit https://www.vechain.org to learn more.