VCI Global Seals $100 Million OOB Token Deal, Positioning Tether as Major Shareholder

KUALA LUMPUR, MALAYSIA – VCI Global, a Nasdaq-listed technology consulting firm headquartered in Malaysia, has announced a significant strategic investment: the planned acquisition of $100 million worth of OOB tokens. These utility tokens are issued by Oobit, a pioneering cryptocurrency payment platform backed by Tether. Upon the full completion of this landmark transaction, Tether is poised to become the largest shareholder in VCI Global, signaling a profound shift in the digital asset landscape.

A Two-Phase Acquisition Strategy

The comprehensive acquisition, detailed in a statement released by VCI Global on Tuesday, will unfold in two distinct stages:

• Initial Purchase: VCI Global has already secured $50 million worth of OOB tokens directly from the OOB Foundation through a private placement of restricted shares.
• Secondary Market Acquisition: An additional $50 million in OOB tokens will be purchased from the secondary market once the tokens achieve public circulation.

This phased approach underscores a calculated entry into the OOB ecosystem, strengthening the ties between VCI Global, Oobit, and its powerful backer, Tether.

Tether’s Expanding Influence and Oobit’s Vision

The strategic implications of this deal are substantial. As the statement confirms, Tether’s existing stake in Oobit will translate into a controlling interest in VCI Global once the acquisition concludes, making it the largest shareholder. This move highlights Tether’s growing strategic investments beyond its stablecoin operations.

Moshe Schisser, Chairman of Oobit, expressed enthusiasm for the collaboration, stating, “This is more than just a digital asset transaction. This merger holds immense potential to accelerate growth and significantly expand the real-world applications of our ecosystem.” His comments emphasize the long-term vision of integrating digital assets into everyday commerce.

VCI Global’s Strategic Expansion into Crypto

In the wake of this $100 million investment, VCI Global is not merely acquiring tokens; it is laying the groundwork for a dedicated future in the crypto space. The company plans to establish a specialized cryptocurrency reserve division. This new unit will be tasked with orchestrating VCI Global’s broader development in the crypto asset domain and seamlessly integrating OOB token functionalities into its existing artificial intelligence (AI) and fintech platforms. This move positions VCI Global at the intersection of emerging technologies, aiming to leverage the utility of OOB within its established tech infrastructure.

OOB Token: Rebranding, Migration, and Utility

Concurrently, Oobit is undertaking a significant rebranding and technological upgrade for its native token. Formerly known as OBT, the token has been officially renamed OOB. A crucial migration from the Ethereum to the Solana blockchain is set to be completed this week, promising enhanced speed and lower transaction costs. The official launch of the new OOB token is anticipated on November 12.

The OOB token is designed to be the central engine of the Oobit platform, empowering users to conduct offline retail transactions using cryptocurrencies via its innovative “Tap-to-Pay” functionality. This real-world utility is a key differentiator for OOB.

Oobit’s robust investor base further solidifies its position in the market, featuring prominent names such as Tether, Solana co-founder Anatoly Yakovenko, and venture capital heavyweights CMCC Global and 468 Capital.

Market Reaction: A Mixed Signal

Despite the strategic significance of the announcement, the news did not immediately translate into positive momentum for VCI Global’s stock. According to Yahoo Finance data, the company’s shares experienced a sharp decline of 26.55% on Tuesday, closing at $1.3. This adds to a challenging period for the stock, which has seen a cumulative drop of 65.79% over the past month. The market’s initial reaction suggests investor caution amidst the ambitious crypto foray.