Blockchain infrastructure company Chain completes $100 million acquisition of MDT token ecosystem

Quick Take

  • Chain acquires Measurable Data Token ecosystem for $100 million.
  • The deal is unique inasmuch as it will involve a merge between Chain’s XCN and MDT.

Count this as a sign that merger-and-acquisition activity in the crypto market is robust despite the slump in cryptocurrency prices. 

Blockchain infrastructure firm Chain announced on Saturday the acquisition of Measurable Data Token (MDT). The $100 million deal will provide Chain — which offers developers cloud services to build blockchain-based applications — with a number of assets, including MDT, cash-back application RewardMe and financial data protocol MeFi. 

The deal is unique inasmuch as it will involve a token conversion in which MDT will become Chain's native token XCN — an example of the sometimes idiosyncratic nature of transactions in the digital asset space. 

The firm's internal M&A handled the deal, alongside advisers from Tanner De Witt and Rooney Nimmo. 

"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."

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