Blockchain infrastructure firm Chain has completed the acquisition of Measurable Data Token (MDT), despite the slump in cryptocurrency prices.
Chain announced on Saturday that the $100 million deal will provide the company with assets, including MDT, cash-back application RewardMe and financial data protocol MeFi.
Chain offers developers cloud services to build blockchain-based applications. The unique aspect of this deal involves token conversion, where MDT will become Chain's native Token XCN, according to The Block.
The firm's internal M&A handled the deal, alongside advisers from Tanner De Witt and Rooney Nimmo, it added.
"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."
Chain CEO Deepak Thapliyal said it was "complicated and requires a lot of counter-party assistance" when speaking about the process.
He added, "we will need the assistance of exchanges to support the swap for tokens that are off-chain. The process will be a lot less complicated for tokens on-chain and will be available through a simple smart contract since we are both primarily ERC20 tokens."
Recently, XCN was trading on Coinbase at $0.09 a coin.
Chain was founded in 2014 by non-fungible token (NFT) collector and investor, Thapliyal. He is known for purchasing an Alien Punk NFT for $23.5 million.
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