Malaysia-based tech consulting firm VCI Global Ltd. has announced a strategic agreement to acquire $100 million worth of OOB tokens, the native cryptocurrency of Oobit, a digital payments company backed by Tether. The move represents a major step toward expanding VCI Global’s presence in blockchain-based financial services.
Deal Overview: Tether to Become VCI Global’s Largest Shareholder
As part of the transaction, Tether, the world’s leading stablecoin issuer, is expected to become VCI Global’s largest shareholder, further deepening the connection between the two firms.
According to VCI Global’s statement released on Tuesday, the company has already completed the first phase of the deal — purchasing $50 million worth of OOB tokens through a restricted share issuance to the OOB Foundation. The remaining $50 million will be acquired on the secondary market once the OOB token is publicly listed.
“This partnership goes beyond a traditional token investment,” said Moshe Schisser, Chairman of Oobit. “It’s a move to drive real-world adoption and expand the practical utility of the Oobit ecosystem.”
VCI Global to Launch Digital Treasury Division
Following the acquisition, VCI Global will establish a digital treasury division to oversee its crypto assets and integrate the OOB token within its AI, fintech, and sovereign data operations.
This initiative marks one of the company’s most significant steps into the digital asset and payment innovation sector, signaling a strong commitment to bridging traditional finance with Web3 technologies.
Oobit’s Rebranding and Blockchain Transition
Meanwhile, Oobit is nearing completion of a major rebranding effort—transitioning its token name from OBT to OOB while shifting its blockchain infrastructure from Ethereum to Solana. The official token launch is scheduled for November 12, 2025.
The new OOB token will support Oobit’s tap-to-pay crypto payment system, enabling users to spend cryptocurrencies seamlessly through existing merchant point-of-sale (POS) terminals.
Oobit’s investor lineup includes Tether, Solana co-founder Anatoly Yakovenko, CMCC Global, and 468 Capital, highlighting strong backing from major blockchain and venture players.
Financial Context: Market Reaction and Share Performance
Despite the landmark deal, VCI Global’s stock experienced a 26.55% drop on Tuesday, closing at $1.30 per share. The company’s stock has fallen nearly 66% over the past month, based on Yahoo Finance data.
The firm recently raised $5 million in a direct offering on October 31, pricing shares at $1.80 each. Despite recent market turbulence, analysts view the OOB acquisition as a bold move toward establishing VCI Global as a key player in the crypto payment ecosystem.
Malaysia’s Evolving Crypto Regulations
This development aligns with Malaysia’s broader regulatory modernization efforts in the crypto space. The Securities Commission (SC) recently proposed significant updates to its Digital Asset Exchange (DAX) framework amid a surge in trading activity—reaching RM13.9 billion ($2.9 billion) in 2024, more than doubling from the previous year.
The SC’s consultation paper, open for feedback between June 30 and August 11, 2025, proposes faster token listings, improved governance, and stronger investor protections. The new rules would allow certain tokens to be listed without prior SC approval, provided they meet pre-defined compliance standards.
Additionally, the regulator plans to tighten governance norms—requiring client asset segregation, enhanced risk management, and higher capital thresholds for DAX operators to ensure better market stability.
While Malaysia’s regulators are encouraging innovation, they maintain that cryptocurrencies are not legal tender and continue to clamp down on unlicensed exchanges like Bybit and Huobi to protect investors and preserve market integrity.
Conclusion
The VCI Global–Oobit partnership represents a powerful intersection of traditional finance, AI-driven fintech, and blockchain payments. With Tether taking a major equity position, the collaboration could reshape how regulated institutions approach digital payments in Southeast Asia’s fast-growing crypto economy.
Get the weekly commit
New blockchain deep dives every week.
