On Monday, Dec. 16, at 7am PT, Orchid began trading on Coinbase Pro. Support for OXT will be available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional regions may be added at a later date. Per previous launches, transfers will open during business hours, Pacific time.
On Friday, December 13 at 11am PT, we began accepting inbound transfers of OXT to Coinbase Pro. We will accept deposits for at least 12 hours prior to enabling full trading, which will occur during business hours, Pacific time.* This will provide Coinbase customers the ability to purchase OXT to buy decentralized VPN services on the Orchid app. Once sufficient supply of OXT is established on the platform, trading on the OXT/USD order book will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met. Support for OXT will be immediately available in Coinbase’s supported jurisdictions, with the exception of New York State. Additional jurisdictions may be added at a later date.
Founded in 2017 on the principle that the internet should be more open and more accessible to everyone. Orchid offers a decentralized VPN (virtual private network) service that connects individual internet users to a global pool of bandwidth providers. These providers can stake Orchid tokens to share their surplus bandwidth, acting as network nodes. The list of nodes is stored in an Ethereum smart contract that is decentralized and accessible to anyone around the world. Payment for bandwidth is done entirely with an ERC-20 token called OXT. To use Orchid, users need OXT, the Orchid app, and a Web3 crypto wallet. You can download the Orchid app here.
Please note that OXT is not yet available on Coinbase.com or via our consumer mobile apps. We will make a separate announcement if and when this functionality is added.
The Stages of the OXT Launch
There will be four stages to the launch as outlined below. We will follow each of these stages independently for each new order book. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.
We will send tweets from our Coinbase Pro Twitter account as each order book moves through the following phases:
- Transfer-only. Starting on Friday, December 13, customers will be able to transfer OXT into their Coinbase Pro account. Customers will not yet be able to place orders and no orders will be filled on these order books. Order books will be in transfer-only mode for approximately 12 hours. We will communicate the exact timing for this phase via Twitter closer to the date.
- Post-only. In the second stage, customers can post limit orders but there will be no matches (completed orders). Order books will be in post-only mode for a minimum of one minute.
- Limit-only. In the third stage, limit orders will start matching but customers are unable to submit market orders. Order books will be in limit-only mode for a minimum of ten minutes.
- Full trading. In the final stage, full trading services will be available, including limit, market, and stop orders.
One of the most common requests we receive from customers is to be able to trade more assets on our platform. Per the terms of our listing process, we anticipate supporting more assets that meet our standards over time.