The leading global cryptocurrency derivatives and spot exchange platform OKEx has announced the addition of Orchid (OXT) token to its list of tradable crypto-assets. The utility token is designed for use on the Ethereum blockchain-based Orchid peer-to-peer open marketplace for buying and selling VPN bandwidth. The deposits and withdrawals of OXT on OKEx will be available from March 27 and 31st at 09:00 UTC respectively. In between, the OXT/BTC and OXT/USDT spot trading feature will go live on Mar 30, 2020 at 09:00 UTC.
The Orchid platform is designed to offer online privacy to its users. Established in 2017, it enables a decentralized virtual private network (VPN), allowing users to purchase bandwidth from a global pool of service providers in the form of high-performance onion routed circuits. The Bandwidth providers generate revenue by running Orchid server software and staking OXT in an Ethereum directory smart contract to receive traffic and revenue proportional to the size of the stake deposit.
Commenting on the listing of a new token, the CEO of OKEx Jay Hao said, “Orchid is a perfect case to show how the combination of token economic model and commercial application works. We are happy to be able to have OXT as a member of the OKEx ecosystem, where we strive to offer professional and retail traders one-stop trading services while promoting mutually with the project teams. We will continue to find quality investment projects and provide enhanced trading experience for our global users.”
OKEx is known for its stringent review process that every project has to undergo before being listed on the platform. These measures are put in place to ensure that the interests of investors are always protected. OXT has managed to satisfy all the necessary criteria set by the platform with respect to the project quality in terms of legal qualification, business model, structure, promotions and more. The Orchid project also has a strong ecosystem and a community following to further support its growth in the future.
The CEO and Co-Founder of Orchid Dr. Steven Waterhouse explained the importance of the project’s listing on OKEx by saying, “We are pleased to partner with OKEx, a leading cryptocurrency exchange, as an important step in Orchid’s expansion into the global markets. With OXT available on OKEx, more new users in Asia and around the world will be able to access and benefit from the product.”