Chain revealed on Saturday that the $100 million transaction will provide the firm with assets such as MDT, the cash-back app RewardMe, and the financial data standard MeFi.
Chain provides developers with cloud services for developing blockchain-based applications. According to The Block, the deal's distinctive feature is token conversion, in which MDT will become Chain's native Token XCN.
The deal was managed by the firm's internal M&A team, as well as advisers from Tanner De Witt and Rooney Nimmo, it noted.
“With this acquisition, the Measurable Data Token (MDT) will be burned and swapped for the XCN token,” according to a blog post. “MDT token holders will benefit from the swap and should receive a $0.08 MDT token value for the transfer.”
When discussing the procedure, Chain CEO Deepak Thapliyal said it was “complex and involves a lot of counter-party cooperation.”
He continued, “To support the swap for off-chain tokens, we will require the assistance of exchanges. Because we are both predominantly ERC20 tokens, the process will be much simpler for tokens on-chain and will be accessible via a simple smart contract.”
XCN was recently trading on Coinbase for $0.09 per coin.
Thapliyal, a non-fungible token (NFT) collector and investor, established Chain in 2014. He is well-known for paying $23.5 million for an Alien Punk NFT.
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