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VCI Global plans to invest $100 million in the Tether-backed encryption payment company Oobit Token OOB.
On November 12, The Block reported that Malaysian technology consulting company VCI Global plans to acquire $100 million worth of OOB tokens. OOB is the utility token of Oobit, a crypto payment company backed by Tether. According to the transaction structure, VCI Global has acquired $50 million worth of OOB tokens by issuing restricted shares to the OOB Foundation. The company stated on Tuesday that it plans to repurchase an additional $50 million worth of tokens through the Secondary Market after the public issuance of the tokens. VCI Global indicated that after the completion of the transaction, Tether will become its largest shareholder.