Worldwide Asset eXchange (WAX) and KyberNetwork have announced a partnership that will enable millions of online gamers to pay for virtual items using Ether and ERC20 tokens on the WAX platform and on the website OPSkins.com, which is the largest in the marketplace in the world for the $50 billion per year ‘gaming skins’ industry that serves over 400 million gamers each year.
WAX looks to be a new decentralized platform that enables anyone to operate a fully functioning virtual marketplace with zero investment in security, infrastructure, or payment processing. It is the creation of OPSkins.com, the #1 marketplace in the world for trading these video game assets with millions of users and over 200,000 new user registrations each month. The company says it has recorded more than 150 million transactions over the past 18 months.
To accommodate this demand, WAX has explained that it will be developing a completely new Blockchain platform and protocol specifically designed to handle cross-border micro-payments and a high volume of transactions with the safety and security that a Blockchain platform can provide. OPSkins will be moving their millions of users that conduct over 2 million transactions per week onto the WAX platform.
KyberNetwork has announced that they will be integrating directly with both OPSkins and the WAX platform to facilitate payments on both platforms. With KyberNetwork’s integration, buyers on OPSkins will be able to purchase virtual game items using ERC-20 tokens seamlessly and securely. Already accepting a large amount of Bitcoin payments and among the top 5 largest bitcoin merchants in the world, OPSkins will soon open up an option to allow buyers to pay in ETH and ERC20 tokens.
Similarly, with KyberNetwork’s technology incorporated on the platform, ERC20 token holders will be empowered to purchase virtual items in the marketplace, even if that means the sellers on WAX only accept payments in WAX tokens, the native token of the WAX platform.
KyberNetwork CEO and co-founder Loi Luu said:
“the partnership will benefit both parties as KyberNetwork will have access to millions of users in both OPSkins and WAX platform. On the other hand, KyberNetwork can enhance the magnitude of the growth in the gaming asset market by allowing more crypto users to conveniently purchase their favourite game items using their crypto tokens.”
The WAX platform also has the potential to encourage widespread adoption of cryptocurrency. Today there are just 4 to 5 million active cryptocurrency consumers across the entire globe. Compared with the 400+ million people who buy and sell skins – a technology savvy group of global consumers who are already well versed in trading, storing and safeguarding virtual items – WAX has a legitimate potential to bring a consumer force to cryptocurrency trading that is 100 times greater than the active cryptocurrency user base.
“The existing customer base that WAX will bring to the world of cryptocurrency is enormous,” said Malcolm CasSelle, President of WAX and CIO of OPSkins. “Having KyberNetwork as partner will enable our massive user base to easily have access to not only for WAX but also to all of the other great decentralized projects that are being developed.”
WAX recently stated that the company has raised 70,000 ETH ($21 million) in a private pre-sale featuring all-star lineup of investors from around the world including Pantera Capital, HyperChain Capital, Kenetic Capital, Bo Shen – founding partner of Fenbushi Capital and Blockassets, and others. These backers will be joining an advisory team that includes Anthony Di Iorio, co-founder of Ethereum, Dave Anthony, creator and developer behind Call of Duty, and Brian Fargo, founder of Interplay Entertainment and inXile Entertainment and Ken Cron, former CEO of Vivendi, operator of World of Warcraft.
They are currently running a gamer only main sale and a pre sale. To learn more visit: https://www.waxtoken.com/
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