VCI to Buy $100M OOB Tokens, Tether Becomes Top Investor
VCI Global (NASDAQ: VCIG) will invest $100 million in OOB token to oversee the digital treasury of Singapore’s OOBIT crypto payment platform. The deal comprises a $50 million purchase from the OOB Foundation at $0.20 per token—valuing OOB token at $200 million—and a further $50 million in open-market acquisitions post-launch. Tether, via its stake in OOBIT, becomes VCI’s largest shareholder, joined by Solana co-founder Anatoly Yakovenko, CMCC Global and 468 Capital.
OOBIT, launched in 2017, enables merchants to accept stablecoins such as Tether’s USDT and gold-backed XAUt, converting payments into fiat seamlessly. The average EU retail transaction is $8.36. This acquisition strengthens VCI Global’s digital finance portfolio alongside its AI and data infrastructure services and follows its $25 million Series A funding round in February 2024.
The strategic move underscores growing institutional support for stablecoin-based crypto payments and may drive demand for OOB token as a digital treasury asset.
Bullish
The planned $100 million OOB token acquisition by VCI Global, backed by top investors like Tether and Solana co-founder Anatoly Yakovenko, signals strong institutional confidence in stablecoin-based crypto payments. Splitting the purchase between foundation buy-in and open-market acquisitions demonstrates VCI’s commitment to long-term token accumulation. This increased demand for OOB token as a digital treasury asset is likely to support higher price levels in both the short term—through immediate market buys—and the long term, as VCI builds out OOBIT’s payments network. Historical precedents show that large institutional purchases and strategic treasury allocations often trigger bullish price momentum, particularly for emerging tokens with real-world utility in crypto payment platforms.