VCI Global plans to spend $100 million to acquire OOB tokens from Tether-backed crypto payment company Oobit.

Odaily reports that Malaysian technology consultancy VCI Global has announced plans to acquire OOB tokens issued by Tether-backed crypto payment company Oobit for a total of $100 million.

Under the agreement structure, VCI Global has purchased $50 million worth of OOB tokens through a private placement of shares to the OOB Foundation, and plans to purchase another $50 million worth on the secondary market after the tokens' public listing. Upon completion of the transaction, Tether will become VCI Global's largest shareholder.

Oobit Chairman Moshe Schisser stated that this collaboration is not merely a digital asset transaction, but also helps accelerate ecosystem growth and expand the token's real-world applications. VCI Global announced the establishment of a digital asset treasury to integrate the OOB token's functionality across AI, fintech, and data sovereignty platforms.

Meanwhile, Oobit announced that it will rename its original token "OBT" to "OOB" and will migrate the token from Ethereum to the Solana network this week, with a planned official launch on November 12. (The Block)