Orchid’s OXT Price Slips Over 20% After Launch for Trading on Coinbase Pro

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

According to a blog post on Dec. 16, Orchid’s digital currency OXT was immediately available for trading on major United States-based cryptocurrency exchange Coinbase Pro.

According to an announcement, OXT will be available in Coinbase’s supported jurisdictions, with the exception of New York State. Coinbase Pro started accepting OXT deposits on Dec. 13.

OXT token allows one to buy 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’s native token OXT is designed to support the network and is used to buy and sell VPN services or provide bandwidth in the Orchid marketplace.

As specified on Orchid’s website, the firm does not intend to issue any additional OXT from a limited supply of one billion OXT tokens at launch.

Orchid token price slides over 20% after the launch

Following 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. Per Orchid’s block explorer based on Ethereum’s major explorer Etherscan, 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.

As previously reported by Cointelegraph, Orchid has secured $43 million to fund its open-source decentralized and surveillance-free internet protocol and provide anonymous Internet access worldwide. According to a filing with the U.S. Securities and Exchange Commission back in 2018, the firm initially projected to raise $125 million.