WAX is a new decentralized, radical economy that was created for people who participate in virtual games. Worldwide Asset eXchange (WAX) was developed as a marketplace for game assets. These assets are virtual and are acquired through tokenized game items. WAX gives gamers platforms to exchange their game assets at reduced transaction costs. Games which previously did not have the asset exchange option can also now trade assets and profits via WAX.
These assets and tokens transferred are regulated by Transfer Agents from Guilds formed out of the token holders signed up for the system. These Transfer Agents are responsible for overseeing the transfer of items through WAX. Their job is to monitor the tokens and makes sure that they are tied to the asset even after they have been transferred.
WAX is currently headed by Malcolm CasSelle, who is best known as an international entrepreneur. Before his career at WAX CasSelle was the president and the Chief Technology officer at Tribune Publishing; now known as tronc. Before tronc, Malcolm CasSelle was the CEO of SeaChange International which after Timeline Labs was acquired when he was the CEO.
Malcom CasSelle has headed some start-ups such as the joint venture between Groupon and Tencent. Others have been Xfire, a social network of over 22 million gamers and MediaPass, a company which was formed to manage digital subscriptions for dominant media houses. CasSelle invested heavily into Zynga and Facebook during its initial stages in the tech industry. His passion for investing in start-ups has seen him currently investing in companies dealing with the Bitcoin.
CasSelle has had success with his own companies which he co-founded. NetNoir made history when it was accepted into the America Online (AOL) program. Before NetNoir, the program did not take outside companies. His other company that he co-founded was Pacific Century CyberWorks (PCCW). This publicly traded Telco is currently valued at over $35 billion and is based in Hong Kong. During the early stages of PCCW Malcom CasSelle was successfully involved in making sure that the company had the billions needed for its IPO. Malcom CasSelle is a graduate of Stanford and MIT with a degree in Computer Science.