Malaysia-based VCI Global (Nasdaq: VCIG) has announced plans to acquire $100 million in OOB tokens and oversee the digital treasury of OOBIT, a Singapore-based crypto payments platform launched in 2017.
According to a Tuesday announcement, Tether will become the largest shareholder in VCI Global through its stake in OOBIT. Solana co-founder Anatoly Yakovenko, CMCC Global and 468 Capital are also investors.
VCI Global acquired $50 million in OOB tokens from the OOB Foundation at a $200 million market capitalization, or $0.20 per token, by issuing company shares as payment. The company plans to purchase an additional $50 million worth of OOB tokens on the open market after its official launch.
VCI is a technology and investment company that develops platforms spanning artificial intelligence, digital finance and data infrastructure. In February 2024, it raised $25 million in a Series A round to expand its crypto payments app.
On Tuesday, the company’s shares fell by over 20% in early trading following the announcement.
OOBIT Races Toward Stablecoin Payments
OOBIT rolled out its crypto-to-fiat payments app in April 2022. The platform enables merchants to accept crypto payments and cash out their funds in fiat currency.
Since May 2024, OOBIT has integrated with The Open Network to facilitate retail payments through Tether’s stablecoins USDt (USDT) and its gold-backed token, Tether Gold (XAUt).
The crypto payments space is crowded with traditional payment infrastructure providers and fintech companies racing to enhance stablecoin payments.
In October, Visa announced it was rolling out stablecoin support across four new blockchains. A few months earlier, in April, Stripe began testing its upcoming stablecoins payment network, Tempo.
A March report by OOBIT revealed that 70% of crypto payments in the European Union went to food-and-beverage and other retail purchases, with an average purchase amount of $8.36.