Chain Completes Its $100 Million Acquisition Of The MDT Token Ecosystem
The acquisition of Measurable Data Token was announced on Saturday by blockchain infrastructure company Chain (MDT).
With the $100 million acquisition, Chain, a company that provides cloud services to developers so they can create blockchain-based applications, will gain access to a variety of assets, including MDT, the cash-back app RewardMe, and the financial data protocol MeFi.
The trade is distinctive because it will involve a token conversion in which MDT will be converted into Chain’s native token, XCN. This is an illustration of how transactions involving digital assets can occasionally be quirky.
Together with advisors from Tanner De Witt and Rooney Nimmo, the firm’s own M&A team managed the transaction.
“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.”
To be sure, there is precedence for this type of deal, as now-beleaguered Voyager Digital’s acquisition of LGO Markets resulted in a merge between the two firms’ tokens.
Speaking to the process, Chain CEO Deepak Thapliyal said it was “complicated and requires a lot of counter-party assistance.”
He added:Â
“We will need the assistance of exchanges to support the swap for tokens that are off-chain. For tokens on-chain, the process will be a lot less complicated and will be available through a simple smart contract since we are both primarily ERC20 tokens.”
Thapliyal, a renowned investor and NFT collector, established Chain in 2014
Thapliyal paid $23.5 million for an Alien Punk.
Already, Singapore-based rival Vauld and cryptocurrency lender Nexo have agreed to be acquired. the business of Sam Bankman-Fried, FTX. US also disclosed its own intent to acquire BlockFi. In an interview with Yahoo Finance, Changpeng Zhao of Binance stated that the cryptocurrency exchange was considering between 50 and 100 investment and acquisition deals.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Chain Completes Its $100 Million Acquisition Of The MDT Token Ecosystem
The acquisition of Measurable Data Token was announced on Saturday by blockchain infrastructure company Chain (MDT).
With the $100 million acquisition, Chain, a company that provides cloud services to developers so they can create blockchain-based applications, will gain access to a variety of assets, including MDT, the cash-back app RewardMe, and the financial data protocol MeFi.
The trade is distinctive because it will involve a token conversion in which MDT will be converted into Chain’s native token, XCN. This is an illustration of how transactions involving digital assets can occasionally be quirky.
Together with advisors from Tanner De Witt and Rooney Nimmo, the firm’s own M&A team managed the transaction.
“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.”
To be sure, there is precedence for this type of deal, as now-beleaguered Voyager Digital’s acquisition of LGO Markets resulted in a merge between the two firms’ tokens.
Speaking to the process, Chain CEO Deepak Thapliyal said it was “complicated and requires a lot of counter-party assistance.”
He added:Â
“We will need the assistance of exchanges to support the swap for tokens that are off-chain. For tokens on-chain, the process will be a lot less complicated and will be available through a simple smart contract since we are both primarily ERC20 tokens.”
Thapliyal, a renowned investor and NFT collector, established Chain in 2014
Thapliyal paid $23.5 million for an Alien Punk.
Already, Singapore-based rival Vauld and cryptocurrency lender Nexo have agreed to be acquired. the business of Sam Bankman-Fried, FTX. US also disclosed its own intent to acquire BlockFi. In an interview with Yahoo Finance, Changpeng Zhao of Binance stated that the cryptocurrency exchange was considering between 50 and 100 investment and acquisition deals.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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