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Tuesday Nov 11 2025 18:30
2 min
Malaysia-based VCI Global (Nasdaq: VCIG) is making a significant move into the crypto payments arena, announcing its intention to acquire $100 million worth of OOB tokens and take charge of the digital treasury of OOBIT, a Singaporean crypto payments platform established in 2017. The deal, unveiled on Tuesday, signals a major endorsement of OOBIT's potential, with Tether poised to become the largest shareholder in VCI Global through its OOBIT stake. Notable investors already backing OOBIT include Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital.
The initial acquisition involves VCI Global purchasing $50 million in OOB tokens directly from the OOB Foundation at a $200 million market capitalization, translating to $0.20 per token. VCI Global is utilizing company shares as payment for this initial tranche. Following the official launch, the company plans to acquire an additional $50 million worth of OOB tokens through open market purchases.
VCI Global operates as a technology and investment firm, focusing on developing platforms across the artificial intelligence, digital finance, and data infrastructure sectors. The company previously raised $25 million in a Series A funding round in February 2024 to fuel the expansion of its crypto payments application.
Interestingly, following the announcement, VCI Global's shares experienced a sharp decline, dropping over 20% in early trading.
OOBIT launched its crypto-to-fiat payment application in April 2022. The platform empowers merchants to seamlessly accept cryptocurrency payments and convert those funds into traditional fiat currencies. Since May 2024, OOBIT has integrated with The Open Network (TON) to streamline retail payments using Tether's stablecoins, USDt (USDT), and its gold-backed token, Tether Gold (XAUt).
The crypto payments landscape is becoming increasingly competitive, with established payment infrastructure providers and burgeoning fintech companies vying to enhance stablecoin payment functionalities.
Visa announced its plan to roll out stablecoin support across four new blockchain networks in October. Prior to that, in April, Stripe initiated testing of its forthcoming stablecoin payment network, Tempo. A report published by OOBIT in March highlighted that 70% of crypto payments within the European Union were directed towards food-and-beverage establishments and other retail purchases, with an average transaction value of $8.36.
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