Vechain Financial Report — Q2 2023

VeChain Official
8 min readOct 9, 2023


Dearest VeFam,

We are delighted to present vechain’s financial report and ecosystem updates for the second quarter of 2023. This report provides a comprehensive overview of our financial performance, activities, and strategic developments during the period.

As of June 30, 2023, our total treasury value stands at $311,363,588.15, reflecting a combination of stablecoins, plus BTC/ETH/VET holdings. The value of our treasury reflects our commitment to managing our resources effectively and responsibly.

During the second quarter of 2023, vechain incurred total expenses of $19,503,661.12. These expenses encompass a variety of categories and obligations, including ecosystem development, PR & marketing, technology operations and infrastructure, and legal and finance. Each expenditure plays a vital role in advancing our mission and supporting our ecosystem’s growth.

Noteworthy Highlights:

Our commitment to fostering blockchain adoption and innovation remains unwavering, and we continually take great strides in achieving our goals here. Below, we share an overview of this quarter's significant ecosystem developments and partnerships:

VORJ (Web3-as-a-Service): Our VORJ platform continues to simplify and democratise blockchain technology, making it accessible to businesses and developers, thereby broadening the scope of blockchain applications.

Thor Mainnet Node Clusters by SafeTech Labs: We have expanded our node clusters to Europe and the United States, enhancing accessibility and reliability for developers.

SafeSwap: An innovative atomic swap platform that facilitates secure cross-chain token swaps, promoting decentralisation in cryptocurrency trading. The platform interoperates with vechain and other leading blockchains.

Internazionali BNL d’Italia Phygital: We partnered with one of the world’s leading tennis tournaments, bringing blockchain innovation to sports memorabilia, allowing attendees to phygitalize their items in real time at a vechain booth in collaboration with the World of V and EXPlus teams.

Djokovic Foundation collaboration: We joined forces with the Novak Foundation to auction Novak Djokovic’s Australian Open 2023 finals racket for educational causes. The event served as an opportunity to both showcase our technology, and support charitable causes.

Frac’s Fractional Asset Trading Platform: Our collaboration with FRAC revolutionises fractional asset trading using NFC and blockchain technology.

Vechain Events: We actively participated in events like Consensus, hosted technology workshops to support developers, and presented at the ReFi Summit, where we emphasised our focus on building a sustainability ecosystem.

This financial report and update underscores our commitment to transparency, responsible stewardship of resources, and the continual advancement of blockchain technology’s adoption and impact.

We extend our heartfelt gratitude to our shareholders, stakeholders, and supporters for your unwavering belief in our mission and vision. Your support fuels our determination to push boundaries and achieve new heights in the blockchain space.

Thank you for your continued trust and support.



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 is $311,363,588.15 at the end of Q2 2023..

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.

Considering both stablecoin and BTC/ETH/VET holdings, the total treasury value of vechain is $311,363,588.15 at the end of Q2 2023.

Eco BD-SDG: This category includes business development expenses in sustainability related projects.

Eco-Ops: The heart of the organisation, these expenses are instrumental in ensuring the seamless day-to-day functioning of vechain. They encompass a wide range of activities, including team development, administrative operations, and resource management.

PR & Marketing: Vechain’s commitment to raising awareness about blockchain technology and its role in it is reflected in the PR and marketing expenses. These include sponsorships, partnerships, and campaigns aimed at showcasing our innovations to a global audience. Specifically, this quarter, expenses were incurred for the UFC sponsorship and various other marketing partnerships.

Tech Operations and Infrastructure: The dynamic nature of the blockchain industry demands continuous technological advancement. This category encompasses a wide spectrum of expenses, including the operation of the grant program to support blockchain developers and entrepreneurs. It also includes salaries for our tech teams, outsourcing expenses for specialised services, software subscriptions to ensure we have access to cutting-edge tools, and investments in IT equipment for our Dublin Tech Center.

Tech Infrastructure: This category is strategically focused on optimising technological capabilities. It encompasses expenditures related to infrastructure enhancements, including the acquisition and maintenance of cutting-edge software and IT equipment. These investments fortify the backbone of the blockchain network, ensuring that vechain’s technology remains at the forefront of innovation, capable of meeting the evolving demands of the digital landscape while upholding the highest standards of security and performance.

Legal & Finance: Responsible financial management and compliance with regulatory requirements are paramount to the organisation’s integrity and sustainability. Expenses in this category cover the costs associated with ensuring that vechain operates within the boundaries of applicable laws and regulations. This includes compliance expenses related to legal and regulatory requirements, as well as regular financial costs such as audits and financial advisory services.

Vechain Products


The VORJ platform ( is introduced as a “Web3-as-a-Service” solution, aiming to simplify and democratise blockchain technology on the VechainThor. This platform is designed to make blockchain more accessible, offering tools and services for businesses and developers to easily integrate blockchain functionality into their projects. By streamlining the adoption of blockchain technology, VORJ seeks to broaden the scope of its applications, making blockchain more practical and convenient for a wider range of users and industries.

VORJ recently raised limits on the free account to greatly enhance the user experience of one of our most powerful tools to-date. Go create an account and test it out for yourself!

Vechain Adoption

Thor Mainnet Node Clusters — SafeTech Labs:

SafeTech Labs has expanded its Thor mainnet node clusters to Europe and the United States, offering crucial support to developers in those regions. This strategic deployment aims to enhance the accessibility and reliability of the VechainThor blockchain for developers, fostering innovation and growth within the vechain ecosystem while ensuring robust network infrastructure in key global locations.


SafeSwap, an atomic swap platform designed to facilitate secure cross-chain token swaps. This innovative technology allows users to exchange tokens across different blockchain networks without relying on centralized intermediaries, enhancing security and decentralization in the world of cryptocurrency trading. SafeSwap aims to bridge the gap between various blockchain ecosystems, providing users with a seamless and secure way to conduct cross-chain token swaps.

Internazionali BNL d’Italia Phygital:

As an official partner of the Internazionali BNL d’Italia, vechain has brought innovation to the world of tennis trophies by introducing a “phygital” approach. This partnership underscores the growing influence of blockchain technology in diverse industries beyond finance and signifies a trend toward combining physical and digital experiences to enhance fan engagement and sports memorabilia.

Djokovic Foundation Phygital Trophy Auction

In partnership with the Novak Foundation, vechain auctioned Djokovic’s Racket from the 2023 Australian Open as a ‘phygital’ for charity, once more showing vechain’s prestige and leadership in adoption and utilisation of blockchain technology. The Racket was auctioned on community-build NFT marketplace, World of V — check the auction outcome here.

The racket ultimately sold for 937,024 VET tokens, or €15,560 at bidding close, with the proceeds raised donated to causes supporting education.

Street Skate Rome — Phygital experience

At Street Skateboarding Rome, supported by vechain, World of V and EXPlus, attendees could claim exclusive Proof of active Participation (PoaP) NFTs, unlocking discounts and benefits for the claimants while showing the ease of onboarding users to vechain/blockchain through innovative solutions such as social logins, and fee delegation, mitigating the need for users to pay transaction fees and interact freely with blockchain applications.

Winners of the competition received vechain-powered phygital trophies, combining the physical award with a NFT counterpart for Proof of Authenticity and Ownership.

Frac’s Fractional Asset Trading Platform

In a notable development, vechain has partnered with FRAC to bolster fractional asset trading using NFC and blockchain technology. This collaboration is set to revolutionize the way fractional ownership of assets is managed and traded, providing a secure and transparent ecosystem that leverages NFC technology for seamless transactions. The integration of the VechainThor Blockchain expertise with FRAC’s fractional asset trading platform promises to open up new opportunities for investors and asset owners, further solidifying vechain’s role as a key player in the blockchain space.

Vechain Events


At the Austin Consensus event, vechain hosted a booth that served as a hub of innovation and collaboration. This provided the vechain team with a unique opportunity to interact with numerous blockchain projects, thought leaders, and, most importantly, our dedicated VeFam. The presence at Consensus allowed us to share our vision for the future of blockchain technology and express our sincere appreciation for the unwavering support of our community. We engaged in meaningful discussions, exchanged insights, and forged partnerships that will undoubtedly contribute to the continued growth of the vechain ecosystem.

Web3 for Sustainability Masterclass Series Kick-off

Vechain has initiated a series of technology workshops aimed at nurturing ecosystem growth and supporting developers in creating dApps. These workshops provide valuable insights and resources to developers looking to harness the power of VechainThor blockchain technology, fostering innovation and expanding the vechain ecosystem. By offering educational opportunities and technical support, vechain is reinforcing its commitment to nurturing a thriving community of developers and dApps within its blockchain network.

ReFi Summit

Vechain’s involvement in the ReFi Summit was marked by a keynote session delivered by CEO, Sunny Lu. During this session, he shared the vision outlined in our Whitepaper 3.0, emphasising our commitment to building a sustainable blockchain ecosystem. Sunny Lu highlighted our strategic approach, which focuses on leveraging collective impact to provide enduring value to enterprises and the broader blockchain community. The ReFi Summit served as a platform for us to connect with industry leaders, explore collaborative opportunities, and reinforce our position as a leading player in the blockchain space.

Web3 Berlin

Sebastien Seijo, Blockchain Tech Lead, attended Web3 Berlin alongside community members where he gave a keynote on upcoming technical releases and insights about vechain’s sustainability aspirations. He was joined by community members following a public ticket raffle, who joined him on the day.

You can find event Tweets from Sebastien here.

Dutch Blockchain Days

Antonio took to Amsterdam to share insights on vechain as well as our updated technology roadmap in one of the most active and vocal community regions. Vechain continues to attend events, build new networks and explore opportunities for future collaboration.

Antonio's session YouTube link:

The Future is Limitless

Tremendous possibilities lay ahead. Vechain has continued to garner interest from across the blockchain and business world, from KOLs, to exciting new partnerships currently in development.

As the world transitions to Web3, vechain proudly leads its real world implementation through innovative technologies designed to overcome adoption hurdles. Stick with us in this exciting unfolding saga — the birth of industry 4.0!

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.

Through leveraging the capabilities of ‘trustless’ data (information without intermediaries), smart contracts and IoT technologies, VechainThor has enabled 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.

Visit to learn more



VeChain Official

VeChain, based in San Marino, Europe built VeChainThor, a powerful platform driving a blockchain and sustainability revolution