VCI Global (NASDAQ:VCIG) said it will subscribe for 500 new GlobexUS Holdings shares at $3K per share for $1.5M.
The company noted that the investment signals the expansion of its business in the digital asset market.
GlobexUS is the holding company of a 50/50 joint venture technology partner of Upstream Exchange, a MERJ Exchange market.
Upstream is an exchange and trading app for digital securities, and is the world’s first regulated exchange which lists blockchain based digital securities on its retail marketplace, VCI added.
VCI also signed a marketing and referral agreement with Upstream.
Under the agreement, VCI will be granted territorial exclusivity for Malaysia, Singapore and Indonesia, where the company will introduce and refer entities which wish to list or dual list on Upstream.
VCI Global has already made in-roads having secured its first issuer client, which is already looking into taking part in dual-listing on Upstream.
“This partnership with Upstream will open up a new revenue stream for us which, we believe, will increase the valuation of VCI Global significantly once it gains traction,” said Dato’ Victor Hoo, Group executive chairman and CEO of VCI.
VCIG +6.54% to $2.77 premarket May 31
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