VCI Global buys $100 million in OOB token; Tether becomes largest shareholder

VCI Global, a Malaysia-based technology consulting services firm, plans to acquire $100 million worth of OOB tokens, the utility token of Tether-backed crypto payment firm Oobit.

Under the deal structure, VCI Global acquired $50 million worth of OOB tokens through restricted share issuance to the OOB Foundation, according to the company's Tuesday statement . It plans to purchase an additional $50 million in tokens on the secondary market following the token's public launch.

The Nasdaq-listed firm said that Tether is set to become its largest shareholder following the transaction.

"We are not simply completing a digital-asset transaction," said Moshe Schisser, Chairman of Oobit. "This combination presents tremendous potential to accelerate growth and expand the real-world utility of our ecosystem."

Following the $100 million transaction, VCI Global plans to establish a dedicated digital treasury division to oversee its crypto initiatives and integrate the OOB token's utility into its existing AI, fintech, and sovereign data platforms.

Token rebrand

Meanwhile, the OOB token is currently undergoing major changes. Oobit is rebranding the token from its former name "OBT" and migrating the token from Ethereum to Solana this week. The rebranded token is scheduled to launch on Nov. 12.

OOB will power Oobit, which offers tap-to-pay crypto transaction services at merchant point-of-sale systems. Oobit is backed by a number of other investors including Solana co-founder Anatoly Yakovenko, CMCC Global and 468 Capital.

VCI Global is a diversified holding company that develops and scales cross-sector platforms that integrate technology with financial architecture to develop sovereign-ready digital ecosystems.

On Oct. 31, VCI Global announced a $5 million raise, where the company sold shares at $1.8 each to an institutional investor in a registered direct offering.

VCI Global's stock fell 26.55% to close at $1.3 on the Nasdaq on Tuesday, according to Yahoo Finance data. The stock has plummeted 65.79% over the past month.