Blockchain Infrastructure Firm Chain Completes Acquisition of MDT for $100m

Blockchain infrastructure firm Chain has completed the acquisition of Measurable Data Token (MDT), despite the slump in cryptocurrency prices.


Chain announced on Saturday that the $100 million deal will provide the company with assets, including MDT, cash-back application RewardMe and financial data protocol MeFi.

Chain offers developers cloud services to build blockchain-based applications. The unique aspect of this deal involves token conversion, where MDT will become Chain’s native Token XCN, according to The Block.

The firm’s internal M&A handled the deal, alongside advisers from Tanner De Witt and Rooney Nimmo, it added.

“With this acquisition, there will be a sunset of the Measurable Data Token (MDT), which will be burned and swapped for XCN token,” a blog post said. “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.”

Chain CEO Deepak Thapliyal said it was “complicated and requires a lot of counter-party assistance” when speaking about the process.

He added, “we will need the assistance of exchanges to support the swap for tokens that are off-chain. The process will be a lot less complicated for tokens on-chain and will be available through a simple smart contract since we are both primarily ERC20 tokens.”

Recently, XCN was trading on Coinbase at $0.09 a coin.

Chain was founded in 2014 by non-fungible token (NFT) collector and investor, Thapliyal. He is known for purchasing an Alien Punk NFT for $23.5 million.

Image source: Shutterstock


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Coinbase Pro Launches Support for Six New Altcoins, Triggering Massive Price Movements

Six altcoins are riding the valuation roller coaster after a surprise listing by top US crypto exchange Coinbase.

In a new blog post, Coinbase says that five Ethereum tokens and one other altcoin will start trading on Coinbase Pro once appropriate liquidity conditions are met.

The Ethereum token API3 (API3) powers a protocol focused on improving traditional application programming interface (API) technology for the Web 3.0 economy. The native token governs the API3 DAO (decentralized autonomous organization).

News of the Coinbase listing initially sent API3 vertical from $3.60 to $4.98. After some choppy price action, it remains up 41.38% to $5.09.

The Bluzelle (BLZ) decentralized storage network was designed to meet the needs of gamers as the online gaming world incorporates crypto assets and non-fungible tokens (NFTs).

The BLZ token lurched from below $0.27 to $0.37 but has steadily corrected to $0.30 – still up 11.1% on the day.

Gods Unchained (GODS) is a trading card game built on the Ethereum blockchain. The game enables users to earn money from their in-game purchases, with the project website saying,

“If you can’t sell your items, you don’t own them.”

GODS jumped from a daily low of $4.36 to $5.79. After some dramatic price swings, GODS remains up 11.46% on the day at $5.00.

Fellow Ethereum token IMX powers Immutable X, an NFT scaling solution designed to facilitate fast transactions with no gas fees. IMX holders can use their tokens to stake, vote, and pay transaction fees.

The Coinbase Pro listing initially caused IMX to climb from $5.64 to $6.53, but it has since seen a selloff and is about even on the day at $5.48.

Measurable Data Token (MDT) is another Ethereum token being added to the Coinbase roster. The project was built to facilitate the anonymous sharing and monetizing of consumer data.

According to the MDT website,

“The more value your data generates, the more you earn.

We only deal with aggregated anonymous data, which means no personal, identifiable data will be shared.

Your privacy is under our protection.”

The MDT price exploded from $0.06 to $0.10, fighting through waves of buyers and sellers to a daily peak of over $0.12, and currently sits above $0.08.

Lastly, is the decentralized finance (DeFi) protocol Ribbon Finance (RBN). This Ethereum-based project enables crypto asset investors to earn yields on their holdings through a structured products protocol that includes options and fixed income as well as futures.

RBN jumped from $1.82 to $2.20, but has since seen a cascade of up-and-down action, and is currently trading for $1.81.

Coinbase says that each token will be available to trade paired with USD and USDT.

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MDT introduces blockchain oracle to accelerate DeFi adoption

Measurable Data Token (MDT) has announced the launch of a blockchain-based oracle service, Measurable Finance (MeFi), which has been designed to connect traditional financial data markets to the decentralized finance (DeFi) sector.

In its primary showcase of utility, the project constructed a decentralized application (DApp) —accessible on both the Ethereum and testnet blockchains — which enables DeFi participants to access stock trading data from some of the world’s largest financial marketplaces, including the Nasdaq, New York Stock Exchange (NY and Hong Kong Stock Exchange (HKEX).

With the introduction of these services, decentralized data sharing network Measurable aims to advance the DeFi industry into the mainstream, unifying the divide between the real-life and on-chain worlds.

Oracles are third-party external data sources, such as global temperature levels or sports scores, that exist outside of the blockchain sphere but can be used to verify smart contracts. They can be likened to application programming interfaces that enable interoperable communication with two software entities.

Projects within the blockchain space that utilize this technology include Chainlink and Band Protocol, among others.

Related: How will blockchain technology help fight climate change? Experts answer

Heatherm Huang, co-founder of Measurable Data Token, spoke of data as a superpower in the capital markets, continuing on to say:

“If DeFi is to go mainstream, DeFi innovations and DApps have to connect with the external context. MeFi serves as the ‘Bloomberg on blockchain’ — its secure connections between blockchain smart contracts and capital markets help developers access reliable external financial data on-chain.”

In addition to this integration, the project has also expressed ambitions to expand the scope of financial data to include derivatives and exchange-traded funds through the adoption of its native token MDT.