VCI Global, a Malaysia-based technology consulting firm, has announced major plans to acquire $100 million worth of OOB tokens from Oobit, a Tether-backed crypto payment platform. Following the closing of the transaction, Tether will emerge as the largest shareholder of VCIG, the company revealed.
The transaction, announced on Tuesday, aims to expand VCI Global’s footprint in the decentralized finance (DeFi) space by supporting blockchain-powered projects, AI features, and fintech initiatives within its Nasdaq-listed governance framework.
### Progress on the Acquisition of OOB Tokens
VCI Global has already settled a $50 million transaction to acquire OOB tokens through a restricted share issuance to the OOB Foundation. The company plans to complete the remaining $50 million purchase after the token goes public.
### Tether Set to Become VCI Global’s Largest Shareholder
The firm also confirmed that upon completion of the acquisition, Tether will become the largest shareholder of VCI Global. Moshe Schisser, Chairman of Oobit, commented on the deal, highlighting that it represents more than just a crypto-oriented transaction. He described it as a significant step toward “expanding the real-world utility and growth of the Oobit ecosystem.”
### Oobit’s Strategic Rebranding and On-Chain Migration
In line with its ambitions to rebrand and expand its digital ecosystem, Oobit announced key developments on November 9. The platform is migrating its OBT tokens from the Ethereum mainnet to the Solana blockchain. This migration will occur in phases:
– The migration portal opened on November 9 and will remain operational for 10 days.
– The official token generation event and snapshot are scheduled for November 12.
– The migration portal will close on November 19, after which the OOB airdrop will be distributed to eligible wallets.
### Stablecoin Incentives and Partnerships
In July, Oobit revealed plans to incentivize stablecoin adoption by offering refunds. The firm extended its partnership agreement with StablR to integrate MiCA-compliant and Tether-backed stablecoins, StablREUR and StablRUSD. This collaboration aims to foster a secure crypto payment platform.
Moreover, users will benefit from a 5% cashback on every purchase of USDR and EURR stablecoins.
### Backing from Industry Leaders
Oobit has strong backing from significant industry players, including Tether, Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital. Earlier this year, Tether invested $25 million in Oobit through a Series A funding round led by its investment arm. The round also attracted participation from strategic investors like CMCC Global’s Titan Fund and 468 Capital.
### Tether’s Expansion Beyond Stablecoin Issuance
Tether is the largest stablecoin issuer globally, commanding a market share of $183 billion at the time of publication. According to Tether’s transparency page, the majority of USDT tokens are minted on the Ethereum network, followed by Tron and Solana.
Beyond stablecoin issuance, Tether has pursued strategic investments to broaden its influence. Recently, video platform Rumble announced plans to acquire German AI cloud company Northern Data in a deal valued at over $760 million, with Tether cited as one of its major investors.
In August, Tether acquired a minority stake in Spanish crypto asset platform Bit2Me to expand its presence in the European Union and Latin America.
Tether’s efforts to diversify outside the crypto sector remain strong. In October, the company ranked among the top 20 global holders of U.S. debt, with exposure to U.S. Treasuries worth $135 billion and a year-to-date profit of $10 billion. This ranking places Tether ahead of sovereign holders such as South Korea.
Additionally, Tether’s Q3 disclosures revealed the company holds gold reserves valued at $12.9 billion and $9.9 billion in Bitcoin.
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