VPN-focused cryptocurrency Orchid (OXT) rises. Why?

Highlights

• The Orchid marketplace talks about privacy, a virtual private network (VPN) and crypto payments
• The native OXT token has gained, which can be a result of a wider bullish trend in cryptoverse
• Bitcoin, Ether, Shiba Inu and most other major tokens have also gained during the same time

Any cryptocurrency project can be a blend of many things. Metaverse cryptos have blockchain gaming, digital collectibles like NFTs, and native tokens. Similarly, DeFi cryptos provide lending and borrowing services with the power to users to vote on the protocol’s governance proposals.

A few can be about making the music industry decentralised by using blockchain. Today, let’s explore a crypto project Orchid Marketplace, which talks about VPN, privacy, and nanopayments.

Orchid crypto’s VPN services

The platform seeks to combine a VPN client with crypto payments. It is projecting itself as a privacy-focused and open-source marketplace with a focus on the use of cryptos for transfers.

The marketplace talks about connecting a buyer with a seller using a VPN protocol. The project has a native server that can facilitate immediate payments, as per the company’s claim. The DApp has multi-chain support, which it says, can provide an alternative to the Ethereum blockchain’s costly gas fee.

A VPN protocol appears to be the primary service. Here, Orchid claims that access to blocked websites is enabled, and the bandwidth seller is entitled to payments. The buyer uses a prepaid crypto account to make purchases.

Also read: ‘Carbon-free’ WAX (WAXP) crypto up 12% even as Bitcoin is losing value

OXT crypto

The Orchid Marketplace is projecting the native OXT token as a staking asset. The key role of the token is in incentivising users of Orchid’s VPN services.

The OXT token is based on the Ethereum blockchain. OXT, an ERC-20 asset, can have a total supply of one billion coins. It is said to be trading on Binance, Huobi, Coinbase and other exchanges.

OXT crypto price

The OXT token’s market cap is over US$90 million, as of writing. The token is one of the top 500 assets on the CoinMarketCap list. On 1 January 2022, OXT traded at nearly US$0.35. Over the next five months, the price trajectory remained largely in the red.

As of writing, the price is US$0.13, showing a 24-hour gain of nearly 3.5%. The surge in the Orchid crypto coincides with the rise in the wider crypto market. Bitcoin has gained over 2%, with BTC’s price moving over US$30,000. CoinMarketCap’s data reflected that most of the major cryptos, including ETH and SHIB, have added value in the past 24 hours.

Data provided by CoinMarketCap.com

Bottom line

Orchid is said to be providing VPN-powered space with crypto payments. It relies heavily on privacy, with transfers in cryptos between bandwidth buyers and sellers. The OXT token is native to the Orchid DApp. It can be used for staking and nanopayments. The token has gained of late, which might be because of the upward movement in most high cap cryptos.

Also read: Decoding Mina crypto: What makes it ‘world’s lightest blockchain’?

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