Chain Announces Acquisition of Measurable Data Token Project for $100M

Infrastructure company Chain announced the acquisition of the Measurable Data Token (MDT) project and its ecosystem products for$100 million. As a result of the transaction, MDT tokens are converted into native assets of the organization's network - XCN.

Founded in 2014, Chain develops cloud services for building blockchain-based decentralized applications.

As part of the deal, the company received a number of assets, including MDT tokens, the RewardMe application and the MeFi oracle network, which is focused on the financial market.

“This acquisition will see the end of MDT,which will be burned and exchanged for XCN. The deal is beneficial for MDT holders. They are expected to receive around $0.08 per token,” the press release reads.

Measurable Data Token head Hizem Huang will join Chain as Chief Product Officer. Developers of the project's ecosystem products will also move to the company. 

According to CoinGecko, the XCN token has risen by 5.1% over the past 24 hours. At the time of writing, the asset is trading near $0.09. The price of MDT jumped 56% to $0.051.

Binance exchange MDT/USDT hourly chart. Data: Trading View.

Let us remind you that in the second quarter of 2022, the majority of M&A transactions were for projects in the NFT and GameFi spheres.

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