Infrastructure company Chain has announced the acquisition of the Measurable Data Token (MDT) project and its ecosystem products for $100 million. Upon completion of the deal, MDT tokens will be converted into the network’s native asset — XCN.
Founded in 2014, Chain develops cloud services for building decentralized applications on blockchain technology.
As part of the deal, the company will receive a range of assets, including MDT tokens, the RewardMe app, and the MeFi oracle network, which is geared toward the financial markets.
“With this acquisition, MDT will be burned and swapped for XCN. The deal is advantageous for MDT holders. It is expected that they will receive about $0.08 per token,” the press release states.
Hizem Huang, head of Measurable Data Token, will join Chain as Chief Product Officer. Developers of the project’s ecosystem applications will also transfer to the company.
According to CoinGecko, over the last 24 hours the XCN token rose 5.1%. At the time of writing the asset trades near $0.09. MDT’s price jumped 56%, to $0.051.
In Q2 2022, most M&A deals were concentrated on NFT and GameFi projects.
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