OPSkins, a company involved in the sales of in-game virtual assets (electronic data that is a representation of currency, in this case with video games that could be defined as a property that has value such as an accessory for a character) created a new blockchain platform called WAX (Worldwide Access eXchange). WAX is a P2P marketplace for the trading of virtual assets that was created to fix two of the biggest issues surrounding virtual asset markets, fragmentation and fraud. Fragmentation is an issue in the virtual asset marketplace due to the multitude of avenues in which sellers and buyers can take to conduct a transaction. This fragmentation also involves utilizing a middleman for payment processing, language barriers and security concerns which results in region locking. WAX eliminates these barriers
by utilizing its own utility token creating a common currency for all gamers. Fraud has also been rampant with users not receiving the whole asset or delivery issues caused by the seller. With WAX and having blockchain as its platform would prevent scenarios such as this from occurring. WAX with its blockchain technology will fix the hurdles that a centralized technology presents. With WAX being a decentralized global exchange this will help with uniting a heavily fragmented trading industry that spans across hundreds of trading marketplaces.
Malcom CasSelle, current CIO of OPSkins and President of WAX is an alma mater of both MIT and Standford University. Early in his career he was co-founder of NetNoir, which was the first outside company to be accepted into the AOL Greenhouse Program as well the Pacific Century CyberWorks (PCCW) telco service provider based in Hong Kong.
Prior to OPSkins, CasSelle formerly served as SVP and GM of Digital Media of SeaChange International. He also was CEO of MediaPass, which is an online paywall solution that was designed to generate subscription-based revenues for digital content. CasSelle was also CEO of Xfire that is a global social network for hardcore gamers that has a user base of over 22 million registered users. Previous work also involved serving as director Hong Kong-based Capital Union Investments and was a top executive at Groupon’s joint venture with Chinese based Tencent. CasSelle is an active in early stage investments that include startups and new technology. He was active with Facebook, Zynga, and now with cryptocurrency involving Bitcoin.