- Collaboration with Nobel Laureate and research in sustainable technologies showcase VeChain’s commitment to innovative blockchain applications.
- Strategic partnerships, including with FRAC and Venum Brazil, leveraged VeChain’s technology for enhanced security and product authenticity.
In the latter half of 2023, the VeChain Foundation, a pioneer in integrating blockchain technology with real-world applications, reported a remarkable growth trajectory in its treasury holdings. By the end of the third quarter, the foundation’s holdings were valued at approximately $264.5 million, which further escalated to around $440 million by the close of the fourth quarter.
This financial uplift is a testament to VeChain’s strategic expansions in marketing, core development, tool development, and notably, its foray into sustainability and enterprise/Web2 adoption initiatives.
In continuation of our commitment to transparency over #VeChain's Treasury and expenses, we are pleased to share the latest financial report, covering both Q3 and Q4 of 2023.
As of 2023 end, we are happy to report a strong financial position of over $440 Million in assets,… pic.twitter.com/HyyXcOzZ38
— vechain (@vechainofficial) March 26, 2024
VeChain’s dedication to innovation was prominently showcased through its collaborations with Nobel Laureate Sir Konstantin Novoselov and Professor Qi Ge, a notable figure in the realm of 2D and nanomaterials. Their research into sustainable technologies, merging 2D materials with VeChainThor blockchain, underscores VeChain’s commitment to pushing the boundaries of blockchain utility into new sectors.
Related: Massive boost for VET adoption: VeChain’s new SDK simplifies the process of building dApps
To further democratize innovation within its ecosystem, the VeChain Foundation initiated the VeChain Improvement Proposal (VIP) Bounty Program, allocating an initial fund of $100,000.
This program aims to engage community developers in the core protocol’s evolution, fostering a more decentralized ecosystem. Additionally, the foundation made strides in transparency and community engagement by making developer documentation publicly available, inviting contributions from the wider developer community.
The foundation’s efforts in forging strategic partnerships have been significant. Collaboration with FRAC, a leader in the fractional asset trading market, leveraged VeChain’s NFC technology to enhance security and provide immutable authentication for Real World Assets (RWAs). Another noteworthy partnership was with Venum Brazil, a major sports brand that integrated VeChain-powered chips into a limited edition clothing line.
VeChain’s alliances didn’t stop there; they teamed up with SingularityNET to develop bespoke business solutions leveraging advanced AI technology on the VeChainThor blockchain. The collaboration with Vyvo Smart Chain, aiming to reward users for their health data, further illustrates VeChain’s commitment to sustainability-driven initiatives.
You can also read: Assessing Growth Opportunities for VET Holders
This vision was further amplified through the partnership with AWorld, a sustainability-focused app backed by the UN’s ACTNOW initiative, showcasing the transformative power of blockchain to a broad Web2 audience.
🚀💰 #VeChain's Treasury soars past $440M in H2 2023! 🌍✨ Collaborating with Nobel laureates, launching bounty programs, and hitting Coinbase – VeChain is revolutionizing blockchain with sustainability and innovation at its core. #VeChainGrowth #SustainableBlockchain… pic.twitter.com/vhkSA5rRsw
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) March 27, 2024
In an endeavor to spotlight blockchain’s role in sustainability, VeChain hosted a hackathon at Harvard University, in partnership with EasyA and Boston Consulting Group (BCG). This event gathered over 200 participants, with five winning teams creating ‘X-to-Earn’ and sustainability DApps, marking a pivotal step towards populating VeBetterDAO.
One of the most significant milestones for VeChain in 2023 was the listing of its native tokens, VET and VTHO, on Coinbase. This listing, coupled with the VeChain Learn Campaign, played a crucial role in educating and engaging Coinbase’s extensive user base, contributing to a notable increase in VeChain’s wallet addresses, which surged to 3 million, adding approximately 130,000 new addresses in just a week.
As VeChain steps into 2024, it remains at the forefront of navigating the evolving blockchain landscape. The foundation is geared up to offer solutions in a newly regulated crypto environment, with pivotal moments like MiCa and the Spot Bitcoin ETF on the horizon.
