MDT Token Network’s $100M Acquisition Secured by Blockchain Firm ‘Chain’

Chain – a blockchain infrastructure platform – has been successful in securing the $100M acquisition of the MDT Token Network. The respective news is considered to be an indication that the crypto market is witnessing robust acquisition and merger operations notwithstanding the decline in the prices of cryptocurrencies.

Chain Undertakes MDT Token Ecosystem’s $100M Acquisition

On Saturday, the blockchain infrastructure venue “Chain” declared that it has carried out the Measurable Data Token’s (MDT) acquisition. The $100M contract will permit Chain, the firm offering cloud services to the developers to construct applications that are based on blockchain, to avail several assets, taking into account MDT, MeFi (a data protocol), as well as RewardMe (a cash-back application).

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The contract is exclusive to such an extent that it will include a token transformation where the MDT will turn into the local token of Chain (XCN) – known as a distinctive nature of the transfers done in the world of digital assets. Simultaneous with the advisors from Rooney Nimmo and Tanner De Witt, the internal M&A of the company administered the respective contract. In a blog post, it was mentioned by Chain that the nightfall of the Measurable Data Token (MDT) will take place with the current acquisition.

MDT Tokens to be Burned and Swapped for XCN Tokens

The post elaborated that the acquisition will see the burning and swapping of MDT tokens for the XCN tokens. The holders of MDT tokens will acquire the advantage of swapping with an expected collection of up to $0.08 token value in MDT for the swap. Furthermore, to guarantee that this occurs, precedence is available for such a contract, as the LGO Markets’ acquisition by Voyager Digital (that is now beleaguered) paved the way toward a merger between the tokens of the two companies.

Deepak Thapliyal – the CEO of Chain – discussed the procedure and revealed that it was complex and there is a need for assistance from the counterparty. Furthermore, he moved on to say that the exchanges will be required to assist them in supporting the swap for the off-chain tokens. In the case of on-chain tokens, the procedure will not be that complex and they will be available via a smart contract as both the tokens are fundamentally ERC20-base.

In advance, Nexo (a crypto lending platform) has consented to the acquisition of Vauld (a rival venue based in Singapore). FTX.US – a company of Sam Bankman-Fried additionally declared its strategy to seize BlockFi. Furthermore, Changpeng Zhao of Binance stated in his interview that his platform was pursuing up to 50-100 acquisition and investment contracts.