Strategic Digital Asset Acquisition and Partnership
Nasdaq-listed technology firm VCI Global is purchasing $100 million worth of $OOB tokens from Tether-backed crypto payment company Oobit. This significant acquisition positions Tether, the issuer of USDT, as the largest shareholder of VCI Global.
The Malaysia-based consulting services company acquired $50 million in OOB tokens through a restricted share issuance to the OOB Foundation. VCI Global has further plans to purchase an additional $50 million in tokens on the secondary market once the token undergoes its public launch this week.
Following the completion of this transaction, Tether is expected to become VCI Global's largest shareholder. This deal signifies a substantial crypto treasury allocation for the Nasdaq-listed firm as it strategically expands its operations into digital asset infrastructure and payment systems.
Accelerating Growth and Expanding Utility
Moshe Schisser, Chairman of Oobit, expressed that the combination of VCI Global and Oobit presents tremendous potential to accelerate growth and broaden the real-world utility of their respective ecosystems. He emphasized that this transaction extends beyond a mere digital asset purchase, strategically positioning both companies for expanded market reach and influence.
Integration into Digital Transformation Strategy
In preparation for its expanded crypto initiatives, VCI Global intends to establish a dedicated digital treasury division to oversee its cryptocurrency operations. As part of its overarching digital transformation strategy, the company plans to integrate the utility of the OOB token into its existing artificial intelligence, fintech, and sovereign data platforms.
OOB Token Rebranding and Network Migration
The OOB token is undergoing significant changes this week, marked by a rebranding from its former name, OBT, and a migration from the Ethereum blockchain to the Solana network. The rebranded token is scheduled for its official launch on November 12, which will enable enhanced transaction capabilities on the faster Solana blockchain network.
The OOB token is designed to power Oobit's tap-to-pay crypto transaction services directly at merchant point-of-sale systems. The Oobit payment platform benefits from backing by prominent entities including Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital, in addition to Tether's investment in the company.
VCI Global's Business and Recent Financial Activity
VCI Global operates as a diversified holding company that develops cross-sector platforms, integrating advanced technology with robust financial architecture. The firm's core focus is on building sovereign-ready digital ecosystems that span across multiple industries and diverse geographic markets.
In recent financial news, on October 31, VCI Global announced a $5 million capital raise through a registered direct offering. The company sold shares at $1.80 each to an institutional investor, adhering to Nasdaq rules. However, the company's stock experienced a decline, closing at $1.30 on Tuesday, which extends a broader trend of a 65.79% decrease over the past month, according to available market data.