Cetoex News – Despite an overall market downturn following enforcement action taken by the US Securities and Exchange Commission (SEC), VET seems to have missed the memo. Specifically, in a new quarterly report, VeChain reported an increase in Treasury holdings of almost 30%. 

Indeed, financial records revealed by the blog have shown that the holdings have grown from $275 million in the fourth quarter of 2022 to $380 million in the first quarter of 2023. However, the finances reveal the development as a decrease over the past year. Specifically, the asset reported $1.2 billion in May 2022. 

VeChain Treasury Holdings Increase Reported

The year has been volatile for the digital asset industry. Enforcement action taken by the SEC against Coinbase and Binance had seemingly threatened the overall health of the market. However, a host of Spot Bitcoin ETF filings from traditional finance juggernauts had catapulted the world’s most prominent cryptocurrency. 

Now, a new quarterly report from VeChain (VET) shows an increase in its treasury holdings by almost 30%. Moreover, the report noted that $34 million of those holdings are in stablecoins. However, that collection has been down since the fourth quarter of 2022. 

Additionally, VeChain’s holdings in Bitcoin (BTC), Ethereum (ETH), and VET have increased by more than $100 million. Yet, the specific token holdings were not directly revealed in the earnings report. Only separated by stablecoins and the three other digital currencies.

Conversely, although revenue was not revealed, a host of expenses were disclosed in the report. Specifically, it noted $3 million spent in operations through the first quarter of the year. Consequently, technical operations add another $1.5 million. However, other expenses did not surpass the million-dollar mark through the first quarter. 

The ecosystem is continuing to grow throughout this year, with a host of vital developments for the company underway. Indeed, it has seen its self-custody wallet, the VeWorld Wallet, arrive for consumers. Additionally, the VeChain Foundation also released its Whitepaper 3.0 in March of this year. 

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Cetoex News – VeChain is involved in several development initiatives and projects. The recent announcement of “The HiVe” event has attracted attention from the Web3 community.

The team has been regularly providing updates on their ongoing developments throughout 2023, and they have multiple upcoming projects in progress. On March 6, 2023, they released a new whitepaper and revealed details about the new VET 3.0 protocol.

In one of their latest announcements, the team has also unveiled the details of their new web3-as-a-service platform, the VORJ. According to the latest details, the team is all set to explore the AI industry while exploring OpenAI to implement human-readable decoded contracts.

VeChain to jump on the AI trend

Artificial intelligence has been gaining popularity ever since the ChatGPT hype. Now, VeChain has reportedly planned to jump on the bandwagon. According to the details from the Twitter account of VeChain Energy, the developers are exploring OpenAI just like others.

The initial implementation, according to the tweet, will be a human-readable description of decoded contracts. They have also asked the community to pool their thoughts by joining their Discord for discussions.

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Cetoex News – VeChain is attracting heavy bullish sentiment in the indices and is looking to climb above the $0.030 mark. The cryptocurrency has doubled in price since the start of January 2023 and could go further in the indices in the days leading up to The HiVe launch. The launch is scheduled for Mar. 4, 2023, and VET might have more upside for the next seven days. You can read more details about the launch here.

What Next After VeChain?

While VeChain explodes in price, two other cryptocurrencies are performing well in the indices. In this article, we will highlight the two cryptocurrencies to watch out for in March 2023.

1. Binance Coin (BNB)

Binance Coin (BNB) climbed above the $300 mark this month despite several ups and downs in the indices. Since the beginning of January, the token’s price has steadily increased from a low of $240 to a high of $332. BNB is attracting bullish sentiment as it’s among the most trusted cryptocurrencies in the markets.

Price forecasting firm Coinpedia has predicted that BNB could reach a potential high of $340 in the coming weeks. However, it warned that on the downside, any negative trend could make BNB hover around the $313 mark.

At press time BNB was trading at $312 and is up 0.2% in the 24-hour day trade.

2. Polygon (MATIC)

MATIC experienced a steady rise and nearly doubled in price since the start of January 2023. It went from $0.75 to a high of $1.53, before retracing in price this month. However, the cryptocurrency is now looking to reclaim the $1.50 spot and if the markets maintain the positive momentum, Matic could well be above $1.50 next.

At press time, Polygon Matic was trading at $1.34 and was down 3.5% in the 24-hour day trade. It is also down 54.22% from its all-time high of $2.92, which it reached in December 2021.

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