Nasdaq-listed technology firm VCI Global is making a bold move into crypto, acquiring $100 million worth of OOB tokens from Tether-backed payment company Oobit.
This transaction positions Tether as VCI Global’s largest shareholder and signals a major push into digital asset infrastructure for the Malaysia-based consulting giant.
VCI Global purchased $50 million in OOB tokens through a restricted share issuance to the OOB Foundation, and plans to buy another $50 million on the secondary market following the token’s public launch this week. The deal marks a strategic crypto treasury allocation, highlighting the firm’s ambition to expand into payment systems and blockchain utility.
OOB Token Rebrands and Migrates to Solana
The OOB token, formerly known as OBT, is undergoing a major transformation. It is rebranding and migrating from Ethereum to Solana, with the public launch scheduled for Nov. 12.
The faster blockchain network will enable enhanced transaction capabilities and support Oobit’s tap-to-pay services at merchant point-of-sale systems.
Moshe Schisser, Chairman of Oobit, emphasized that the acquisition goes beyond a standard token purchase. He described it as a partnership that expands market reach and accelerates ecosystem growth. VCI Global plans to integrate OOB utility into its AI, fintech, and sovereign data platforms while establishing a dedicated digital treasury division to manage crypto initiatives.
VCI Global operates as a diversified holding company developing cross-sector technology and financial platforms, focusing on sovereign-ready digital ecosystems across multiple industries. The firm’s expansion into crypto underscores a broader strategy to blend traditional finance, technology, and blockchain infrastructure.
Despite the bold acquisition, VCI Global’s stock has faced pressure. Shares fell 26.55% to $1.30, extending a 65.79% decline over the past month following a recent $5 million institutional raise at $1.80 per share.
