🔍 VeChain releases financial report following mainnet launch

The VeChain foundation has released its first quarterly report since the launch of its mainnet and the transition to the new VeChainThor ($VET) token. In the report, which covers May through July 2018, VeChain reports spending 2,735 Ethereum ($ETH) equal to $1.5 million for the quarter. More than half of expenses came from technical research and development while 19% of spending was for compliance and legal costs. Ecosystem development accounted for nearly 20% and business development expenses came in at 7%. VeChain noted that the swap of legacy VEN tokens was nearly 94% complete and that they expect to release an inspection report after completing the process.