Malaysia-based technology consulting firm VCI Global has announced a significant investment in cryptocurrency, purchasing $100 million worth of OOB coins. OOB coin is the altcoin of Oobit, a Tether-supported crypto payment platform. To kickstart this investment, VCI Global completed the first half through a restricted share issue allocated to the OOB Foundation and plans to acquire the remaining $50 million from the secondary market once the coin is publicly available.
OOB Coin Rebranding Initiative
Oobit is undertaking a rebranding of its coin, formerly known as “OBT,” to strengthen its payment infrastructure. The coin is transitioning from the Ethereum network to Solana, anticipated to provide faster transactions and reduced costs. This transformation is poised to establish the foundation of a new ecosystem, with the official market launch of OOB coin scheduled for November 12.
The OOB coin will be used for contactless crypto payment services provided by Oobit. Users will have the capability to execute direct payments via Oobit-supported POS systems using cryptocurrencies. The project garners backing from leading industry figures, including Solana co-founder Anatoly Yakovenko, and investment firms like CMCC Global and 468 Capital. Oobit management emphasizes this initiative as a pivotal moment for the everyday financial use of cryptocurrencies.
VCI Global’s Strategic Directions
Following the substantial $100 million investment, VCI Global plans to establish a dedicated crypto-focused treasury unit. This new structure aims to integrate OOB coin’s applications into their existing platforms in artificial intelligence, fintech, and sovereign data solutions. Board Chairman Moshe Schisser highlights the move as not just a crypto transaction but the start of a new growth era providing tangible real-world benefits.
The company is concentrating on developing sovereign digital ecosystems by merging financial architecture with advanced technology. On October 31, VCI Global executed a $5 million new share sale, pricing institutional shares at $1.8 each. However, Nasdaq data indicates a 65.79% decrease in share price over the past month, closing at $1.3.