American blockchain and software evolution business firm Orchid Labs has launched its privacy network alongside its native token OXT.

According to a blog mail service on December. sixteen, Orchid'southward digital currency OXT was immediately available for trading on major United states-based cryptocurrency substitution Coinbase Pro.

According to an announcement, OXT will exist available in Coinbase'south supported jurisdictions, with the exception of New York State. Coinbase Pro started accepting OXT deposits on Dec. thirteen.

OXT token allows i to purchase and sell VPN services or provide bandwidth

As previously reported, Orchid provides a decentralized virtual private network (VPN) for anonymous communication and virtual private networking. Based on the ERC-20 standard, Orchid'southward native token OXT is designed to support the network and is used to purchase and sell VPN services or provide bandwidth in the Orchid marketplace.

As specified on Orchid's website, the business firm does non intend to issue any additional OXT from a limited supply of i billion OXT tokens at launch.

Orchid token price slides over 20% afterward the launch

Following the Orchid network launch, OXT lost more than twenty% of its value. The token is trading at $0.251 at press fourth dimension, down 25% over the past 24 hours, co-ordinate to public data on Coinbase Pro. Per Orchid'due south block explorer based on Ethereum's major explorer Etherscan, the Orchid token is held past 260 addresses at the time of publication. OXT trading volume on Coinbase Pro is 2.5 1000000 OXT, worth effectually $627,000 at press time.

As previously reported by Cointelegraph, Orchid has secured $43 million to fund its open up-source decentralized and surveillance-costless internet protocol and provide anonymous Internet access worldwide. Co-ordinate to a filing with the U.S. Securities and Commutation Commission dorsum in 2018, the firm initially projected to heighten $125 meg.