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VCI Global Plans to Acquire $100 Million Worth of OOB Tokens, with Tether Becoming Its Largest Shareholder
Summary: According to reports from Cointelegraph, Malaysia-based VCI Global (NASDAQ: VCIG) has announced plans to acquire $100 million worth of OOB tokens and oversee the digital funds vault of Singaporean cryptocurrency payment platform OOBIT. Additionally, Tether will become VCI Global's largest shareholder through its stake in OOBIT. VCI Global purchased $50 million worth of OOB tokens ...
According to reports from Cointelegraph, Malaysia-based VCI Global (NASDAQ: VCIG) has announced plans to acquire $100 million worth of OOB tokens and oversee the digital funds vault of Singaporean cryptocurrency payment platform OOBIT. Additionally, Tether will become VCI Global's largest shareholder through its stake in OOBIT.
VCI Global purchased $50 million worth of OOB tokens from the OOB Foundation using issued company shares as payment, at a valuation of $200 million (i.e. $0.2 per token). The company plans to acquire another $50 million worth of OOB tokens on the open market after its official launch. VCI Global is a technology and investment company that develops platforms covering AI, digital finance, and data infrastructure. In February 2024, the company raised $25 million in Series A funding to expand its cryptocurrency payment applications.
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Link: VCI Global Plans to Acquire $100 Million Worth of OOB Tokens, with Tether Becoming Its Largest Shareholder [Copy]
