After raising over $43 million on an offered $125 million in presale, Orchid Labs will now list its browsing privacy-focused token on Coinbase as of Friday, according to releases from the companies. This follows an exploratory period from the exchange that grouped the OXT token with 17 developing assets.
The release of the OXT token coincides with the release of an app, now live on Linux and Android platforms. The app acts as a Virtual Private Network (VPN) software, enabling access to Orchid's decentralized VPN service and network that aim to make web browsing more secure.
Users can receive VPN services by paying with the company's ERC-20 token. This allows users to contribute their surplus bandwidth through staking Orchid tokens, turning their devices with internet connection into network nodes. They can then be compensated for the bandwidth they contribute in Orchid tokens.
One billion tokens were created to power the network, according to Orchid Labs. Now, a part of those tokens will be traded on Coinbase. The exchange announced it was exploring Orchid among other assets like Polkadot and Kadena in September. On Friday, it'll accept inbound transfers of OXT to Coinbase Pro. After a 12 hour deposit period and minutes-long post and limit periods, full trading services will be available.
Since its launch in 2017, Orchid Labs conducted a sale through a Regulation D private placement which garnered $4.9 million for 163 million tokens, according to the company. In Q2 of 2018, it nabbed another $43 million for 85 million tokens.
Over time, the company expects the number of nodes and user base to grow through the incentivized peer-to-peer network focused on decentralized modes of privacy.