With the $100 million acquisition, Chain, a company that provides cloud services for developers to build blockchain-based applications, will gain access to a variety of assets, including MDT, cashback app RewardMe, and financial data protocol MeFi. After this development, the altcoin project Measurable Data Token (MDT) gained value. Here are the details…
Historical development for this altcoin project
The trade is distinctive because it will involve a token conversion where MDT will be converted to XCN, the Chain’s native token. This is an example of how transactions involving digital assets can be interesting at times. Along with advisors from Tanner De Witt and Rooney Nimmo, the firm’s own M&A team led the transaction. “With this acquisition, the Measurable Data Token (MDT) will be the sunset, which will be burned and exchanged for the XCN token,” he wrote in a blog post. MDT token holders will take advantage of the swap and are expected to receive an MDT token value of $0.08 for the swap.
Such an agreement certainly has a priority, as the currently beleaguered Voyager Digital acquisition of LGO Markets results in a merger between the two firms’ tokens. Talking about the process, Chain CEO Deepak Thapliyal said it was “complex and requires a lot of counterparty help.” Thapliyal used the following statements:
We will need the help of exchanges to support the exchange of off-chain tokens. For on-chain tokens, the process will be much less complicated and accessible via a simple smart contract as we are both essentially ERC20 tokens.
MDT holders will receive XCN
Thapliyal, a well-known investor and NFT collector, founded Chain in 2014. Already, Singapore-based rival Vauld and cryptocurrency lender Nexo have agreed to be acquired. The work of Sam Bankman-Fried, FTX. The US also announced its intention to acquire BlockFi. In an interview with Yahoo Finance, Binance’s Changpeng Zhao stated that the cryptocurrency exchange is considering between 50 and 100 investment and acquisition deals.
It should be noted that this is the first time such a development has occurred. Many assets such as MDT and RewardMe will join the Chain ecosystem. With this deal, MDT will evolve into XCN, the Chain ecosystem’s own altcoin. MDT tokens will be burned. Meanwhile, the value of the MDT token skyrocketed. The token in question has gained as much as 50 percent in the last 24 hours.
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