VCI Global buys $100 million in OOB token; Tether becomes largest shareholder
VCI Global is acquiring $100 million in OOB tokens, making Tether its largest shareholder.Summary
Malaysia-based technology consulting firm VCI Global announced plans to acquire $100 million worth of OOB tokens, the utility token for the Tether-backed crypto payment firm Oobit. The acquisition involves $50 million through a restricted share issuance to the OOB Foundation and an additional $50 million planned for the secondary market post-public launch. Following the transaction, Tether is set to become VCI Global's largest shareholder. VCI Global intends to create a dedicated digital treasury division to manage its crypto initiatives and integrate the OOB token's utility into its AI, fintech, and sovereign data platforms. Separately, the OOB token is rebranding from 'OBT' and migrating from Ethereum to the Solana blockchain, with the rebranded token scheduled to launch on November 12. Oobit, which offers tap-to-pay crypto services, is also backed by investors including Solana co-founder Anatoly Yakovenko.
(Source：The Block)