VCI Global plans to acquire $100 million worth of OOB tokens, and Tether will become the largest shareholder of VCI Global

According to Cointelegraph, Malaysia-based VCI Global (NASDAQ: VCIG) announced plans to acquire $100 million worth of OOB tokens and oversee the digital treasury of Singapore's cryptocurrency payment platform OOBIT. Additionally, Tether will become the largest shareholder of VCI Global through its stake in OOBIT.

VCI Global acquired $50 million worth of OOB tokens from the OOB Foundation by issuing company shares as payment, with a market capitalization of $200 million (i.e., $0.20 per token). The company plans to purchase an additional $50 million worth of OOB tokens on the open market after the official launch. VCI Global is a technology and investment company that develops platforms covering AI, digital finance, and data infrastructure. In February 2024, the company raised $25 million in Series A funding to expand its cryptocurrency payment application.