Chain acquiring MDT, RewardMe & MeFi for over $100 million
SAINT PAUL’S, Saint Kitts and Nevis, July 25, 2022 (GLOBE NEWSWIRE) — Chain is thrilled to announce it will be acquiring the Measurable Data Token and its ecosystem products in a deal with a value at over $100 million (subject to the total number of MDT swapped for XCN of participating MDT holders). 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.
The MDT ecosystem aims to empower data rewards for individual users, while accelerating the blockchain adoption in everyday life through various innovations.
Chain will be acquiring RewardMe, a cashback app whereby users get rewarded automatically in cryptocurrencies and digital gift cards for their daily purchases. With this acquisition Chain will launch Chain Rewards, which is envisioned to be a flagship consumer facing crypto super app, connecting individual users and merchants across the globe through the Chain ecosystem. The app will be rebranded as Chain Rewards in the coming months and the utility token will become XCN.
Chain will also be acquiring MeFi, a blockchain oracle which bridges capital market data with DeFi, and is custom tailored to bring traditional finance data into oracle-powered 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 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. The details of the swap are being discussed with the relevant parties and the swap is intended to occur in the next few weeks and an exact timeline will be announced. 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 and the remaining $0.04 will be distributed to participating MDT holders via an airdrop over 4 quarters ($0.01 per quarter based on a TWAP for each release). More details regarding the timeline and mechanisms for the swap will be provided in an upcoming blog post. Digital asset exchanges will provide separate notices of the support, if any. Both teams will aim to coordinate the swaps with exchanges to ensure a smooth transition to the best of our joint abilities.
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. 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 be integrating 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,” said Chain CEO Deepak Thapliyal.
Heatherm Huang responded, “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.”
Chain is a blockchain infrastructure solution company that has been on a mission to enable a smarter and more connected economy since 2014.
Chain offers builders in the Web3 industry services that help streamline the process of developing, and maintaining their blockchain infrastructures. 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 and cut costs so that clients can focus on their own products and customer experience. Learn more: https://chain.com