Malaysia’s tech consultancy VCI Global has embarked on a major venture into digital currency by acquiring $100 million in OOB coins. This move marks a significant step for VCI Global, as OOB coin is integral to Oobit’s payment platform, which is backed by Tether. The investment commenced with the issuance of restricted shares to the OOB Foundation, and the plan is to purchase the remaining half from the secondary market when the coin becomes publicly traded.
How is OOB Coin Advancing Its Platform?
To advance its capabilities, Oobit is rebranding its cryptocurrency from “OBT” to OOB coin. The switch from the Ethereum network to Solana is expected to optimize transaction speed while minimizing costs, creating a robust new ecosystem. The market launch for OOB coin is scheduled for November 12, setting the stage for expanded digital payment capabilities.
OOB coin is positioned to support contactless crypto payments via Oobit’s network. This functionality will allow users to transact seamlessly through POS systems that accept cryptocurrency. Strong industry support is bolstered by endorsements from Solana’s co-founder Anatoly Yakovenko and investment from firms such as CMCC Global and 468 Capital. Oobit regards this venture as a critical step in integrating cryptocurrency into daily financial activities.
What Are VCI Global’s Future Plans?
With this substantial investment, VCI Global is poised to create a specialized treasury unit dedicated to cryptocurrency. This division will explore OOB coin utilization within their current platforms spanning AI, fintech, and sovereign data solutions. Board Chairman Moshe Schisser envisions this as the dawn of a transformative period offering significant practical advantages.
Focusing on digital sovereignty, the firm aims to blend its financial architectures with cutting-edge technology. On October 31, VCI Global sold new shares worth $5 million, each priced at $1.8. Yet, according to Nasdaq, shares saw a dramatic loss of 65.79% in the past month, standing at $1.3 by the end of October.
Key Points:
- VCI Global delves into cryptocurrency with a $100 million OOB coin purchase.
- Oobit’s rebranding initiative aims to enhance crypto payment infrastructure.
- Support comes from notable industry figures and firms, signaling confidence in OOB coin’s potential.
- Nasdaq reported a significant decline in VCI Global’s share price over October.
Reflecting on these developments, VCI Global has initiated a pioneering path with a well-defined focus on integrating modern financial mechanisms with emerging technologies. As the crypto landscape evolves, their commitment to driving practical application and strategic innovation remains unwavering.
