Infrastructure firm Chain has just announced it has acquired the Measurable Data Token (MDT) project and its ecosystem products for $100 million.
As a result of the transaction, MDT tokens have been converted into XCN, the organization's network-native asset.
Chain, which was founded back in 2014, develops cloud services to create decentralized applications based on blockchain tech.
As part of the deal, the company has received a number of assets, including MDT tokens, the RewardMe app and the Oracle MeFi network, which focuses on the financial market.
According to the press release:
"With this acquisition, there will be a sunset of the Measurable Data Token (MDT) which will be burned and swapped for XCN token. 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."
Heatherm Huang, CEO of Measurable Data Token, will join Chain as product manager. App developers from the project's ecosystem will also move to the company.
