VeChain Financial Report — Q3 & Q4, 2023
Dear VeFam,
Welcome to the latest VeChain financial report, covering the final two quarters of 2023. Through Q3 & Q4 2023, we saw significant growth in our Treasury holdings, standing at $264,496,981.70 by Q3 end and $440,061,754.10 in Q4 respectively. This financial position sees the VeChain Foundation maintain a comfortable trajectory as we continue expanding marketing efforts, the core dev team, tool development, partnership expansions and pioneering work in the world of sustainability/enterprise/Web2 adoption.
In the second half of 2023, VeChain continued to actively engage in cutting-edge research initiatives, notably with Nobel Laureate Sir Konstantin Novoselov, and Professor Qi Ge, a leading researcher in the field of 2D/nanomaterials. Professor Qi Ge’s exploration of sustainable technologies, combining 2D materials with VeChainThor, showcases a commitment to leading groundbreaking research that will elevate the use cases of blockchain to new, untapped sectors.
During this period, the Foundation continued to invite community developer involvement in the core protocol, introducing the VeChain Improvement Proposal (VIP) Bounty Program with an initial funding of $100k to foster community-driven innovation and further decentralize the VeChainThor ecosystem. We also published open sourced developer documentation at docs.vechain.org, again inviting contribution from the community.
Noteworthy partnerships during Q3 and Q4 include FRAC, a leading platform in the fractional asset trading market for real world assets. By integrating VeChain-powered NFC technology, FRAC boasts enhanced security and immutable authentication for its Real World Assets (RWA). We launched a run of clothing with Venum Brazil, a leading global sports brand, who integrated VeChain powered chips in to a limited edition clothing run.
We joined forces with SingularityNET, a decentralized AI platform with the intent of developing bespoke business solutions on the VeChainThor blockchain, leveraging their advanced AI technology. Vyvo Smart Chain, a health platform that mines and rewards users for their health data, also partnered with VeChain, as we bring their solutions onboard to drive sustainability-related initiatives in 2024.
We kicked off the first stages of collaboration with AWorld — a leading sustainability focused application supported by the UN’s ACTNOW initiative — to launch challenges and showcase the power of blockchain to its 1million+ Web2 userbase, underscoring VeChain’s unwavering commitment to advancing blockchain technology for real world impact and mainstream adoption
In October 2023, VeChain hosted a sustainability-themed hackathon at Harvard University in partnership with EasyA and Boston Consulting Group (BCG). Over 200 incredibly talented builders came together for the hackathon, and 5 winners were awarded a portion of $46,000 in prizes for building ‘X-to-Earn’ and sustainability DApps that will later come to populate VeBetterDAO (detailed in a later report).
In terms of driving ecosystem expansion, our native tokens, VET and VTHO, were listed on Coinbase in September 2023, with VeChain’s Learn Campaign going live in the last quarter of 2023. The campaign has allowed us to educate and inspire Coinbase’s vast KYC’d userbase, totalling over 100 million accounts. Since then, we have seen a precipitous uptick in new addresses, recently hitting 3million unique wallets, adding around 130,000 in 7 days at the time of writing. This signals a rapid growth and interest in our capabilities as a platform, bridging the digital and physical worlds and driving adoption of Web3 technology in to the mainstream.
Together, we look forward to achieving even greater milestones in 2024 as we navigate the evolving landscape of blockchain technology, offering solutions for a new, regulated crypto landscape, with MiCa and the Spot Bitcoin ETF presenting watershed moments for blockchain adoption.
As ever, we are grateful and empowered by our communities ongoing support and engagement, as we help to lay the foundations of a new digitized world, powered by blockchain technology.
Sincerely,
The VeChain Foundation Team
Balance Sheet
The balance sheet shows the total value of tokens held by VeChain, denominated in US Dollar value.
Considering both stablecoin and BTC/ETH/VET* holdings, the total treasury value of VeChain Foundation is $264,496,981.70 at the end of Q3 2023 and $440,061,754.10 at the end of Q4 2023.
*BTC/ETH holdings were obtained during ICO.
Expenses Sheet
The expenses sheet covers all spending categories and provides a financial statement that summarises expenses incurred by the foundation through various activities, initiatives, developments and engagements.
Eco BD-SDG: The $4,718,833.00 USD spending in Eco BD — SDG primarily focuses on research and sustainability ecosystem mapping. This includes expenses related to data collection, analysis, and mapping for understanding the sustainability ecosystem as we work with enterprise partners on its evolution, and our next steps in this industry.
Legal & Finance: With a total spending of $4,575,205.66 USD, Legal & Finance expenses cover legal services, contracts, and compliance. Additionally, financial management expenses, including accounting services and financial consulting, contribute to this category.
PR & Marketing: The $22,801,321.07 USD spending in PR & Marketing is divided into expenses for events, marketing sponsorships such as the UFC, and partial expenses for the HiVe Summit. This includes costs related to organising events, such as venue, speakers, logistics, and promotional activities, as well as funds allocated for sponsorship fees.
Tech-ops: Tech-ops expenses of $6,020,837.71 USD cover a range of activities. This includes salaries for the tech team, payments to external consultants, software subscriptions, IT equipment purchases, ongoing technical integrations, travel expenses for the tech team, and costs associated with organising builder events and community operations.
Eco-ops: The $9,931,995.11 USD spending in Eco-Ops is directed towards outsourcing development tools, including expenses such as software development services, as well as salaries for Eco-Ops related teams.
VeChain Research
VeChainThor & Smart Membranes — Paving the Way for Sustainability; An Editorial by Professor Qi Ge, SC Member
Professor Qi Ge’s editorial on VeChainThor & Smart Membranes explores sustainable technology, showcasing the potential of 2D materials in conjunction with the VeChainThor blockchain.
VeChainThor & Biological Fuel Cells — Cutting Edge Biotech To Transform Sustainability Landscape; Editorial By Steering Committee Member Professor Qi Ge
Steering Committee member Prof. Qi Ge talks about the combination of blockchain and biotech, two technological fields pushing the forefront of possibility, powered by VeChainThor.
VeChainThor, 2D Smart Materials and Sustainability — Ushering In A Classic Car Revival
Professor Qi Ge joined forces with Paddock Speedshop, a classic car restoration company, at the 2023 Lancaster Insurance Classic Motor Show. During the event, VeChain’s logo proudly featured on two of racing’s most iconic vehicles; the Mini Cooper S Rally and the revered Shelby Cobra. Underneath their bonnets, a green revolution has taken place — with the efforts of the team to be chronicled in an upcoming TV series airing in May 2024.
VeChain Improvement Proposal (VIP) Bounty
The VIP campaign, launched with an initial funding of $100k, encourages community developers to propose ideas or solutions for the benefit of VeChainThor’s development.
VeChain Partnerships
VeChain x Vyvo
The strategic partnership with Vyvo Smart Chain aims to revolutionise healthcare data monetization and promote better health outcomes through a purpose-built blockchain. Integrations with VeChainThor are underway, including the VeBetterDAO platform, smart contracts and token functionalities.
VeChain x SingularityNET
VeChain joined forces with SingularityNET, a decentralized AI platform, to develop solutions for the VeChainThor blockchain, and work towards the development of enterprise-grade AI tools and technologies.
VeChain x FRAC
In a dynamic evolution of the blockchain landscape, VeChain has partnered with Frac, a prominent player in the high-value fractional asset trading market. VeChain’s proprietary technologies, including NFC chips, are now integrated into Frac’s platform to heighten security and provide immutable authentication.
Announcing The VeChain x Venum Brazil Partnership — Taking Blockchain Mainstream With MMA Apparel Integration | by VeChainofficial | Medium
Venum Brazil’s collaboration with VeChain on a co-branded apparel collection integrates NFC, NFT, and blockchain technologies, highlighting their value for global brands, representing a shift towards a digital-driven future, promoting authenticity, provenance, and sustainability, and driving mainstream adoption of blockchain technology.
VeChain Tech/Products
VeWorld Mobile
The introduction of VeWorld Mobile, the Ultimate Self Custody VeChain Wallet, enhances the accessibility and security of VeChain users’ digital assets. VeWorld has become the new official wallet of the VeChainThor ecosystem, with greater functionality and features and more regular updates from the Tech team.
VORJ
Our powerful no-code digital asset platform, VORJ, continued to see updates and upgrades throughout Q3 and Q4 of 2023, as we continued our push to deploy user friendly, easy-to-use tools and spearhead the adoption of Web3 at-large. More information about these upgrades can be found in our Tech Centre updates.
VeChain Tech Centre Updates:
Gain insights in to the ongoing works of the Technology Centre, and our fast-growing developer teams. Major releases include multiple upgrades to VORJ, VeWorld, a new dApp Kit, upgrades to the Node rewards platform, Node health checking platform, Ledger Live integration and more:
July Edition
August Edition
October Edition
December Edition
VeChain dApp Kit Launch
VeChain Events & Programs
Vechain & Boston Consulting Group Announce Movelo, FiTag, and PropelPixel as Hackathon Winners at Harvard University
VeChain, with partners EasyA and BCG, announced winners of the Harvard sustainability hackathon, featuring projects like Movelo, FiTag, and PropelPixel, highlighting Web3’s potential for sustainability in business.
Vechain’s Coinbase Learn Campaign Goes Live — 750k -1 Million KYC Users To Be Educated and Onboarded To VechainThor | by VeChainofficial
Vechain’s Coinbase Learn program enables us to educate and inspire millions about our ecosystem, sustainability initiatives, and builder focus, potentially leading to increased user engagement and adoption.
Vechain and AWorld Join Forces To Calculate Carbon Footprints and Reward Virtuous Actions | by VeChainofficial
Vechain launched a series of sustainability challenges on AWorld at the Nitto ATP Finals in Turin, integrating VeChain-powered blockchain tools onto their Web2 platform, allowing users to log and record their sustainability-related activities, form global teams, and earn NFTs to promote sustainability actions and foster environmental awareness.
EasyA x VeChain #60DaysOfVeChain Hackathon
In collaboration with the EasyA team, VeChain began a learn-to-earn campaign, culminating in thousands of forks of our main Connex repo, helping bring new waves of builders to the VeChainThor ecosystem. The campaign culminated in a hackathon, co-sponsored by Boston Consulting Group, with over 200 developers building dApps on the network.
About VeChain
VeChain, headquartered in San Marino, Europe, is the curator 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 enabled enterprise solutions across a wide array of fields. VeChain now turns its attention to the greatest challenge of all — building digital ecosystems to drive sustainability and digital transformation at global scale.
Learn more about VeChain on vechain.org
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