Orchid Labs, an American blockchain and software development firm, has launched its privacy network alongside its native token, OXT.
On December 16, it has been reported that OXT, Orchid’s digital currency, was immediately available for trading on Coinbase Pro, a major United States-based cryptocurrency exchange.
However, Orchid provides a decentralized virtual private network (VPN) for anonymous communication and virtual private networking. Based on the ERC-20 standard, OXT is designed to support the network and is used to buy and sell VPN services or provide bandwidth in the Orchid marketplace.
It has been analyzed that the firm does not intend to issue any additional OXT from a limited supply of one billion OXT tokens at launch.
So, after the Orchid network launch, OXT lost more than 20% of its value. The token is trading at $0.251 at press time, down 25% over the past 24 hours, according to public data on Coinbase Pro. As per Orchid’s block explorer based on Etherscan, the Ethereum’s major explorer, the Orchid token is held by 260 addresses at the time of publication. OXT trading volume on Coinbase Pro is 2.5 million OXT, worth around $627,000 at press time.
Likewise, Orchid has secured $43 million to fund its open-source decentralized and surveillance-free internet protocol and provide anonymous Internet access worldwide.
Thus, according to a filing with the U.S. Securities and Exchange Commission back in 2018, the firm initially projected to raise $125 million.
Source: blog.coinbase.com | cointelegraph.com