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VCI Global plans to purchase $100 million worth of OOB tokens, and Tether will become VCI Global's largest shareholder.
PANews November 12 News, according to Cointelegraph, Malaysia-based VCI Global (Nasdaq: VCIG) announced plans to purchase $100 million worth of OOB tokens and oversee the digital treasury of Singapore-based cryptocurrency payment platform OOBIT. Additionally, Tether will become VCI Global’s largest shareholder through its stake in OOBIT. Notably, Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital are also investors.
VCI Global acquired $50 million worth of OOB tokens from the OOB Foundation by issuing company shares as payment, at a valuation of $200 million (i.e., $0.20 per token). The company plans to buy an additional $50 million worth of OOB tokens on the open market after the official launch. VCI Global is a technology and investment firm developing platforms across AI, digital finance, and data infrastructure. In February 2024, the company raised $25 million in Series A funding to expand its cryptocurrency payment application.