Worldwide Asset eXchange (WAX) and KyberNetwork have formed a partnership said to enable online gamers to pay for virtual items using ETH and ERC20 tokens on the WAX platform and on the website OPSkins.com, 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. The news comes following KyberNetworks very successful ICO that raised approximately $60 million last month. WAX recently said they had raised 70,000 ETH (about $21 million) in a private ICO pre-sale.
“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,” commented Loi Luu, KyberNetwork CEO.
WAX wants to be a new decentralized platform that enables anyone to operate a fully functioning virtual marketplace. The company says it has recorded more than 150 million transactions over the past 18 months.
WAX says 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 expects to be moving their millions of users that conduct over 2 million transactions per week onto the WAX platform.
KyberNetwork 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.
“The existing customer base that WAX will bring to the world of cryptocurrency is enormous,” stated 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.”
The WAX platform believes it 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 tech savvy group of global consumers who are already well versed in trading, storing and safeguarding virtual items. Wax may be able to channel those hundreds of millions of users to use crypto.
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