Chain is a Web3 and blockchain infrastructure provider and it has announced the acquisition of Measurable Data Token (MDT), a decentralized data platform and its utilities in the entire metaverse for over a hundred million dollars ($100M). This announcement came on July 23rd, 2022. 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 involves the acquisition of the Measurable Data Token (MDT), the native digital utility token powering a decentralised data ecosystem, as well as its blockchain applications RewardMe and MeFi. RewardMe is a platform that started a project to reward users for using the platform to make purchases of different kinds. E-commerce platforms collect consumer data while offering little to nothing in exchange for these values. According to the team behind RewardMe, the opposite will be the case as users are rewarded for sharing data with the platform. The rewards are in crypto tokens or gift cards 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.
Another aspect of this acquisition is the MeFi blockchain. 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 build behind ChainFi with XCN as the primary token. As the Chain ecosystem expands, they will now have access to over 200,000 users 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 carry out a burn and swap process for Measurable Data Token (MDT).