VeChain News: Q2 and Q3 2024 Financial Report Highlights VeBetter DAO and Treasury Health
- VeChain’s recent financial report highlights treasury holdings reaching $287.9 million by Q3 2024.
- Key investments include ecosystem development, regulatory compliance, and global marketing.
In alignment with its mission of transparency, VeChain has published a detailed financial report combining data from the second and third quarters of 2024. Since the launch of its public blockchain in the year 2017, VeChain has been providing its global community with quarterly reports, thereby building credibility. According to the latest report, VeChain has a total treasury value of $304.9 million at the end of Q2 2024, which is adjusted to $287.9 million at the end of Q3.
Expenditure Overview
VeChain’s spending is heavily geared towards ecosystem growth, legal issues, and international awareness. Some of the key allocations are $2.57 million towards Eco BD, which is an initiative for sustainable development, including emission reduction, recycling materials, and ecosystem development.
This segment also provides funding for grants for the development teams that participated in VeBetterDAO, which is VeChain’s way of promoting environmental protection and diversity in the blockchain ecosystem.
Marketing and public relations were also a major expenditures with $12.79m allocated for the period Q2 and Q3 of 2024. These funds were used for event sponsorship, for instance, the partnership with UFC, Hive, and a Web3 hackathon in San Francisco which helped in establishing VeChain’s brand and to attract collaboration with other industry innovators.
These investments are in line with VeChain’s vision of enhancing the integration of blockchain in the business world and establishing its technology as a key player in the Web3 revolution. VeChain also allocated $1.17 million toward the Legal & Finance division for regulatory compliance, including upcoming rules like MiCA, which will go into effect in 2024.
VeChain has also recently partnered with Crypto Carbon Ratings Institute (CCRI) to meet new environmental compliance measures and to establish the platform as a compliant and sustainable blockchain.
Technical Operations Receive Significant Investment
VeChain also pumped in $7.23 million to Tech-ops to strengthen its core technical operations. This allocation included some key areas including salaries for employees, remunerations for consultants, software costs, and outreach. The technical team also released better developer tools like SDKs and VORJ, and supported community projects like MaaS and VeWorld marketplace.
Additionally, VeChain has also spent $2.57 million on Eco-ops, an initiative aimed at expanding its ecosystem through outsourced development tools and a growing workforce. Such partnerships have been enhanced with collaborations with BCG and have helped in the growth of VeChain’s operations.
VeChain (VET) has shown recent price fluctuations, with analysts predicting a positive price trend through late 2024 and into the next year. Currently, VET trades at $0.02178, consolidating between $0.02100 and $0.02200 over the past 24 hours. Analysts forecast a potential price increase, projecting a minimum price of $0.0252 for November and December 2024.
This expectation comes despite continued fluctuations in the market, suggesting that there is a solid medium-term perspective within the range of trading. Market analyst RichBitLord has pointed out that VeChain is quite solid, is built well in the market, and can weather the storm.
