WAX raises $80M to decentralize gaming skins market

WAX (Worldwide Asset Exchange) today announced it has raised $80 million USD to decentralize the multi-billion dollar ‘gaming skins’ market.

Created by top virtual goods marketplace OPSkins, WAX allows anyone to host their own marketplace to buy and trade securely, and with low fees, from anywhere in the world. WAX is designed to serve the 400 million gamers who already collect, buy, and sell in-game items with a simple exchange that leverages blockchain technology for transaction verification and recording.

“We are pleased with the outstanding response from our partners and participants in the WAX token sale,” said William Quigley, CEO of both WAX and OPSkins.

“From the onset, our goal was to introduce millions of gamers to cryptocurrency, and the success of our token sale is a major indicator that this goal is well within reach.”

“The support not only affirms our fundamental belief that WAX is the onramp for mass-market cryptocurrency adoption, but it speaks to the enthusiasm and eagerness of gamers to share in the benefits of blockchain,” said Malcolm CasSelle, President of WAX and CIO of OPSkins.

WAX raised $21 million in a private token pre-sale from participants including Pantera Capital, Alphabit Fund, HyperChain Capital, and Crypto Asset Management. Many first-time cryptocurrency users participated in the WAX public token sale, which concluded November 29, 2017.

The virtual item trading industry is currently fragmented across hundreds of competing marketplaces, each utilizing different business practices tailored to their country and region. WAX’s solution is a global virtual item repository that provides a complete, real-time catalog of all items available. By leveraging blockchain technology, WAX unites gamers and marketplaces enabling instant payments, security, and trust services. WAX Tokens allow gamers to quickly and easily harness the power of fully developed, highly complex virtual goods exchanges.

Advisors to WAX include ‘Call of Duty’ creator and developer Dave Anthony, Interplay Entertainment and inXile Entertainment Founder Brian Fargo, Kenneth D. Cron, former CEO of Vivendi Universal Games, which included Blizzard Entertainment (“World of Warcraft”) and Ethereum Co-Founder Anthony Di Iorio.