Chain Acquisition of Measurable Data
Chain acquisition of Measurable Data token was announced. Chain is thrilled to announce it will be acquiring the Measurable Data Token and its ecosystem products in a deal with a value of over $100 million (subject to the total number of MDT swapped for XCN of participating MDT holders).
The MDT ecosystem aims to empower data rewards for individual users while accelerating blockchain adoption in everyday life through various innovations.
Chain will be acquiring RewardMe, a cashback app. Whereby users get rewards automatically in cryptocurrencies and digital gift cards for their daily purchases. With this acquisition, Chain will launch Chain Rewards. Its vision is to be a flagship consumer-facing crypto super app. Connecting individual users and merchants across the globe through the Chain ecosystem. The app will also rebrand as Chain Rewards in the coming months and the utility token will become XCN.
Chain will also be acquiring MeFi, a blockchain oracle that bridges capital market data with DeFi, to bring traditional finance data into oracle-power data streams. This will power ChainFi, Chain’s oracle system designed for Sequence clients to get access to trustless data and will have XCN become its native utility token.
Over 200,000 RewardMe users will now become part of the Chain ecosystem. An additional 30,000+ on-chain MDT holders on Ethereum and BNB Chain, as well as tens of thousands of off-chain MDT exchange users, will become XCN holders.
With this acquisition, there will be a sunset of the Measurable Data Token (MDT) which will be burned and swapped for the XCN token. MDT token holders will receive the benefit of the swap. It will also expect to receive a $0.08 MDT token value for the swap. Furthermore, the details of the swap discussing with the relevant parties the swap intends to occur in the next few weeks.
The structure of the swap will be for every one (1) MDT token. The user will receive $0.08 of XCN based on a fourteen-day time-weighted average price (TWAP). Fifty (50) percent of the swap, which represents $0.04, will be provided immediately upon the swap. In addition, the remaining $0.04 is to distribute to participating MDT holders via an airdrop. Nevertheless, over 4 quarters ($0.01 per quarter based on a TWAP for each release).
“We are anxious to see our product transform and merge with Chain’s full suite of services. We believe that joining the Chain ecosystem will continue our mission of accelerating blockchain adoption into everyday life.”—Heatherm Huang, director of MDT
Furthermore, Heatherm Huang, director of MDT, has been invited to join Chain as Chief Product Officer. Alongside other members of MDT currently working on the two ecosystem products (namely RewardMe and MeFi) following the acquisition. In addition, as Chain proceeds to expand its team, the mission to build forward-thinking products, and improve its services continues. The MDT team are veterans of consumer apps and blockchain innovations. MDT’s expert engineers, product designers, and marketing professionals will integrate into Chain’s current operations.
“I am deeply excited to announce that Chain will be acquiring MDT, and will have the opportunity to work alongside the company’s brilliant team. We look forward to continuing to scale our products and reach new heights,” — Chain CEO Deepak Thapliyal
Chain offers builders in the Web3 industry services that help streamline the process of developing, and maintaining their blockchain infrastructures. Furthermore, Chain implements a SaaS model for its products that addresses the complexities of overall blockchain management. Chain offers a variety of products such as Ledger, Cloud, and NFTs as a service. Companies who choose to utilize Chain’s services will be able to free up resources for developers. Cut costs so that clients can focus on their own products and customer experience.
ABOUT Measurable Data
Measurable Data Token (MDT) aims to provide a blockchain base data economy. Where data providers and data buyers can exchange data securely and anonymously.