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Chain Buys Measurable Data Token for Over $100 million

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Web3 and blockchain infrastructure provider, Chain has announced the acquisition of  Measurable Data Token (MDT), a decentralized data platform and its utilities in the entire ecosystem for over a hundred million dollars ($100M). This was announced on the 23rd of July, 2022.

https://twitter.com/Chain/status/1550859234308415494?t=iAxETtjGhdtgCn52Nv0JdQ&s=19

As part of the deal, the value of the buyout will be subject “to the total number of MDT swapped for XCN of participating MDT holders,” said the team. The RewardMe and MeFi are amongst the assets that will exchange hands as the deal pulls through.

The deal consists of acquiring the Measurable Data Token (MDT), the native digital utility token powering a decentralized data ecosystem, as well as its blockchain applications RewardMe and MeFi.

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Integration of Chain and the RewardMe Platform

RewardMe platform started a project to reward users for using the platform to make purchases of all kinds. E-commerce platforms collect data from consumers without offering much in exchange for these values. For the team behind RewardMe, the reverse should be the case.

Users are rewarded for sharing data with the platform. The rewards are in crypto tokens or Giftcards which can be used on merchant platforms linked with the Rewardme platform. 

With the integration of Chain, the name will become Chain Rewards while XCN will be the new primary token for rewarding users. 

Chain and MeFi

Another segment of this acquisition is the MeFi blockchain oracle. The main purpose of MeFi is to bridge connect data from the capital market with DeFi, making it easier to access TradFi and DeFi functionalities.

MeFi will become the main foundation behind ChainFi with XCN as the token.

As the Chain ecosystem expands, they will now have access to the over 200,000 usersrs of RewardMe on mobile, and more than 30,000 holders of MDT. The Chain team plans to integrate the team behind the acquired project into the Chain family and also carry out a burn and swap process for Measurable Data Token (MDT). See details here.

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