Malaysia’s tech consultancy VCI Global has embarked on a significant venture into digital currency by acquiring $100 million in OOB coins. This move marks a substantial step for VCI Global, as OOB coin is integral to Oobit’s payment platform, which is backed by Tether. The investment commenced with the issuance of restricted shares to the OOB Foundation, with plans to purchase the remaining half from the secondary market once the coin becomes publicly traded.
Advancements in OOB Coin Platform
To advance its capabilities, Oobit is rebranding its cryptocurrency from “OBT” to OOB coin. The strategic switch from the Ethereum network to Solana is anticipated to optimize transaction speed while minimizing costs, thereby creating a robust new ecosystem. The market launch for OOB coin is scheduled for November 12, setting the stage for expanded digital payment capabilities.
OOB coin is positioned to support contactless crypto payments via Oobit’s network. This functionality will empower users to transact seamlessly through point-of-sale (POS) systems that accept cryptocurrency. Strong industry support is further bolstered by endorsements from Solana’s co-founder Anatoly Yakovenko and investments from prominent firms such as CMCC Global and 468 Capital. Oobit regards this venture as a critical step in integrating cryptocurrency into daily financial activities.
VCI Global's Strategic Future Plans
With this substantial investment, VCI Global is poised to establish a specialized treasury unit dedicated to cryptocurrency. This division will explore the utilization of OOB coin within their current platforms, which span AI, fintech, and sovereign data solutions. Board Chairman Moshe Schisser envisions this as the commencement of a transformative period offering significant practical advantages.
Focusing on digital sovereignty, the firm aims to integrate its financial architectures with cutting-edge technology. On October 31, VCI Global sold new shares worth $5 million, with each share priced at $1.8. However, according to Nasdaq, shares experienced a notable decline, losing 65.79% in the past month, and stood at $1.3 by the end of October.
Key developments include:
- •VCI Global's entry into the cryptocurrency space with a $100 million OOB coin purchase.
- •Oobit's rebranding initiative aimed at enhancing its crypto payment infrastructure.
- •Industry endorsements from key figures and firms, underscoring confidence in OOB coin's potential.
- •A reported significant decline in VCI Global’s share price during October, as noted by Nasdaq.
Reflecting on these developments, VCI Global has initiated a pioneering path with a well-defined focus on integrating modern financial mechanisms with emerging technologies. As the cryptocurrency landscape continues to evolve, their commitment to driving practical application and strategic innovation remains unwavering.