Blockchain Infrastructure Firm Chain Completes Acquisition of MDT for $100m
Aaron Limbu Jul 25, 2022 07:40
Chain announced that the $100 million deal will provide the company with assets, including MDT, cash-back application RewardMe and financial data protocol MeFi.
Blockchain infrastructure firm Chain has completed the acquisition of Measurable Data Token (MDT), despite the slump in cryptocurrency prices.
Chain announced on Saturday that the $100 million deal will provide the company with assets, including MDT, cash-back application RewardMe and financial data protocol MeFi.
Chain offers developers cloud services to build blockchain-based applications. The unique aspect of this deal involves token conversion, where MDT will become Chain's native Token XCN, according to The Block.
The firm's internal M&A handled the deal, alongside advisers from Tanner De Witt and Rooney Nimmo, it added.
"With this acquisition, there will be a sunset of the Measurable Data Token (MDT), which will be burned and swapped for XCN token," a blog post said. "MDT token holders will receive the benefit of the swap and will be expected to receive a $0.08 MDT token value for the swap."
Chain CEO Deepak Thapliyal said it was "complicated and requires a lot of counter-party assistance" when speaking about the process.
He added, "we will need the assistance of exchanges to support the swap for tokens that are off-chain. The process will be a lot less complicated for tokens on-chain and will be available through a simple smart contract since we are both primarily ERC20 tokens."
Recently, XCN was trading on Coinbase at $0.09 a coin.
Chain was founded in 2014 by non-fungible token (NFT) collector and investor, Thapliyal. He is known for purchasing an Alien Punk NFT for $23.5 million.
Image source: Shutterstock