VeChain Foundation
Supply chain thwacking: VeChain’s $100M sponsorship deal with UFC
Blockchain logistics firm the VeChain Foundation has signed a multi-year marketing partnership with the Ultimate Fighting Championship (UFC) worth nearly $100 million, becoming the UFC’s first-ever Layer 1 blockchain partner. The UFC is the largest promoter and event organizer for Mixed Martial Arts (MMA) and VeChain’s marketing assets and brand will be integrated across the UFC in live events, in-arena promotion, social media and other areas. The deal is reportedly worth almost $100 million over a minimum five-year partnership according to an anonymous source quoted by Sports Business Journal. The UFC’s Senior Vice President of Global Partnerships Paul Asencio said the UFC’s sponsorship revenues are up 30% from an already record-breaking 2021 as a result of the deal. The partnership kicks...
VeChain Foundation reports $1.2B crypto treasury… but spent just $4M in Q1
The VeChain Foundation has released its financial report for Q1 2022 showing that the project amassed an impressive $1.2 billion war chest but only spent about $4.1 million in the quarter. VeChain (VET) is a blockchain project designed to enhance supply chain management.. The Foundation’s May 10 financial report for Q1 2022 outlines its balance sheet as of March 31 and how it spent funds through the quarter. Although the treasury opened the year with $1.37 billion in assets between stablecoins, Bitcoin (BTC), Ether (ETH), and VET, it ended with $1.2 billion. The report states that most of the losses were incurred “due to crypto market fluctuations and other VeChain Foundation outgoings.” The BTC price has fallen 34% since, ETH has fallen 36%, and VET has fallen 54% since Dec. 31, 2021 when...
