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

ChainCatcher news, according to Cointelegraph, Malaysia-based VCI Global (NASDAQ: VCIG) has announced plans to purchase $100 million worth of OOB tokens and oversee the digital treasury of Singapore cryptocurrency payment platform OOBIT. In addition, 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, at a valuation of $200 million (i.e., $0.2 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 developing 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.