Coinbase Pro Prepares to Launch Digital Privacy Network Orchid (OXT) As Next Digital Asset
- OXT will enter transfer-only mode on December 13th at 10:00am PST.
- Transfer-only mode will last for 12 hours.
Coinbase Pro continually strives to serve customers by bringing them cryptocurrency assets that they want to use. One of the latest to be added to the platform will now be Orchid (OXT), according to a recent blog by Coinbase.
On Fri. Dec. 13, after 10am PT, our OXT/USD order book will enter transfer-only mode, accepting inbound transfers of OXT in supported regions. Orders will not be placed or filled. The order book will be in transfer-only mode for a minimum of 12 hours. https://t.co/yJ5lHPX1lj
— Coinbase Pro (@CoinbasePro) December 12, 2019
As with all of the newly listed tokens on the platform, customers will be entering four separate stages as the integration is implemented on Friday, December 13th. The first stage is a transfer-only state, allowing customers to send inbound transfers to the OXT/USD order book from “supported regions,” though the orders will be in a pending state for the entire 12 hours of this mode, beginning at 10:00am PST.
The second stage is the post-only mode, allowing customers to post limit orders without completion. Minimum wait time for order books at this stage is one minute, though a maximum time is not listed.
During the third stage, limit-only, Coinbase allows limit orders to match and complete, but customers will not have access to market order submissions. This mode will last at least ten minutes for order books. Once these three initial stages take place, OXT/USD order books will enter the final stage, full trading. Services for limit, market, and stop orders will be available at this point.
Orchid was created in 2017, pushing for a more open and accessible internet for all. With its decentralized VP (virtual private network) service, individuals are linked with a group of bandwidth providers around the world. The providers can share their extra bandwidth by staking Orchid tokens, essentially functioning as network nodes. The nodes are stored as a list in an Ethereum smart contract that anyone in the world can access, and users pay the cost of their bandwidth with OXT, an ERC-20 token.
To use Orchid, consumers will need to download the Orchid app, register for a Web3 crypto wallet, and purchase OXT.