WAX (or the Worldwide Asset eXcahange) was created as a decentralized platform for virtual asset trading. Participates in the marketplace buy and sell assets such as in-game items or game assets. The platform has seen significant growth since it’s release. As WAX grows, they’ve had to overcome some technical challenges.
One example is how to safeguard the WAX Token and Virtual Asset Bond. WAX found an answer by utilizing a multilayered governance approach that is regulated by token holders themselves. These token holders are called Transfer Agents, and are supervised by committees known as guilds. The magic of this system is that if the Transfer Agents don’t do what is expected of them, their financial assets will be at risk.
Another key advancement by WAX is the integration of fractionalizing physical items. Allowing users used to own a fraction of an expensive piece of memorabilia, such as a baseball signed by Babe Ruth, or an original Mozart painting. By incorporating physical items, WAX services see an increase to both value, potential users, and increased security of the physical item.
The President of WAX is Malcolm CasSelle, an entrepreneur as well as CIO of OPSkins. Malcolm was brought on in 2017 due to his overall experience and his expertise at running technology companies. Mr. CasSelle also holds a bachelor’s degree in Computer Science from MIT as well as a master’s degree from Stanford in the same field. Being fluent in English, Japanese, and Mandarin Chinese is also factored into WAX’s hiring choice.
Malcolm CasSelle has an extensive background. Starting in 1995, Mr. CasSelle co-founded and then served as CTO for NetNoir, an Afrocentric culture focused media production website. Afterwards from 1998 to 2002, he was the Vice President of Pacific Century CyberWorks (PCCW), which is a Telco service provider headquartered in Hong Kong. From 2006 to 2013 Malcolm CasSelle served as a director of Hong Kong-based Capital Union Investments. Malcolm has a few other achievements and job experience (not included here), before finally joining WAX in 2017.