Tether Backs OOBIT as VCI Global Purchases $100M in Crypto Tokens

TLDR

• VCI Global plans to acquire $100 million in OOB tokens to manage OOBIT’s digital treasury.
• The acquisition includes $50 million in OOB tokens purchased from the OOB Foundation at a $200 million market valuation.
• Tether becomes the largest shareholder in VCI Global through its stake in OOBIT.
• VCI Global will buy an additional $50 million in OOB tokens from the open market after OOBIT’s official launch.
• OOBIT has integrated Tether’s stablecoins USDt and Tether Gold (XAUt) to facilitate retail payments.

VCI Global (Nasdaq: VCIG) has unveiled plans to acquire $100 million in OOB tokens and manage OOBIT’s digital treasury. OOBIT, a crypto payments platform based in Singapore, launched in 2017. The deal solidifies VCI Global’s investment in the evolving crypto payment ecosystem.

VCI Global Acquires OOB Tokens from OOB Foundation

VCI Global acquired $50 million worth of OOB tokens from the OOB Foundation at a $200 million market valuation. The company issued its shares as payment for the tokens, purchasing them at $0.20 per token. The remaining $50 million in tokens will be bought from the open market once OOBIT officially launches.

In the process, Tether becomes the largest shareholder in VCI Global through its stake in OOBIT. Solana’s co-founder, Anatoly Yakovenko, along with CMCC Global and 468 Capital, are also backing the platform. The $100 million token purchase aims to fortify VCI’s position in digital finance and blockchain technologies.

OOBIT Integrates Tether’s Stablecoins for Retail Payments

OOBIT rolled out its crypto-to-fiat payments app in April 2022, enabling merchants to accept payments in cryptocurrency. The platform allows users to convert crypto into fiat currency, expanding the utility of Tether’s USDt stablecoin. In May 2024, OOBIT integrated Tether’s USDt and gold-backed token, Tether Gold (XAUt), to support retail payments.

Tether’s partnership with OOBIT has been instrumental in supporting seamless payments across various blockchains. This collaboration adds value to both OOBIT’s services and Tether’s growing ecosystem in crypto payments. As crypto payments gain traction globally, Tether remains a central figure in supporting this infrastructure.

In October, Visa launched support for stablecoins across new blockchains, signaling the growing adoption of digital currencies in payments. A report by OOBIT shows that 70% of crypto payments in the EU were for food and beverage and retail sectors, with average purchases at $8.36.

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