Later on a production launch and simultaneous Coinbase Pro token listing, Orchid Labs' OXT token found itself down more 20% in value past Dec. xviii, every bit Cointelegraph detailed in a brief. Responding to the activity, Orchid's CEO said the business has more of a long-term focus.

"Information technology's apparently my responsibility every bit a CEO to be concerned about all aspects of the company, and given that this is now being traded, that's 1 of the variables that we await at," Orchid CEO Steven Waterhouse told Cointelegraph in a December. xix interview, adding:

"Nosotros are much more interested in the long-term performance of the company."

Orchid launches product amid token exchange list

Orchid Labs launched its token-fueled, peer-to-peer privacy-focused network product on Dec. 16, according to a web log post from the company. Meanwhile, major U.Southward. substitution Coinbase Pro announced a list for Orchid Labs' OXT token in a December. 12 announcement, which said that trading for the asset would begin on Dec. sixteen.

The OXT token saw a cost high of $0.55 USD on Dec. 16 earlier falling more than 50%, hit a price low of $0.21 by Dec. 18. Since and then, yet, Orchid'due south asset has shot upward considerably in cost, reaching a loftier of $0.71 before stabilizing at $0.65 as of press time.

OXT USD daily nautical chart. Source: CoinMarketCap

Orchid'due south product is the event of more than 2 years of work

"We started this company 2 and a half years ago with this mission of developing a suite of tools that created a more than private and open up internet," Waterhouse explained to Cointelegraph. "This narrative is non just privacy, it's also censorship," he added.

Essentially, Orchid's product is a decentralized virtual private network (VPN), fueled by its OXT token, allowing users to buy and sell internet bandwidth via free market place merchandise, co-ordinate to Orchid'due south blog announcement.

"Our real focus here is on the utility of the network, and OXT, our new digital currency, existence widely available," Waterhouse said. "On Monday [December. 16], Coinbase picked up OXT and listed information technology on the Pro side of it [the exchange]," he added, also noting two boosted listings occurring 2 days afterward.

Coinbase added the OXT asset to its mainstream app and website Coinbase.com. The business firm also announced the nugget's eventual addition to the Coinbase Earn program, assuasive new users to learn about the product while receiving free OXT, according to a Dec. 18 web log postal service.

Reviewing this past week'due south activity, Waterhouse noted a significant amount of interest in the Orchid app and its network. "We went from a small number on Monday to a large number yesterday [Dec. xviii]," the CEO said, adding

"If indeed people are interested in getting admission to OXT, which it appears similar they are, then we should expect the kind of functioning that has been seen in the terminal week."

Orchid is not the but nugget that has seen turbulence in terms of toll action over the past several days. Crypto's peak asset Bitcoin has moved more than $800 in price over the terminal few days, as Cointelegraph reported.