The Asian Market has not been left behind by the global excitement brought about by blockchain technology. South Korea is currently ranked third among the largest cryptocurrency markets, closely following the United States and Japan. Not even the increased regulations placed on the markets have been enough to slow down the reception of cryptocurrency in this region. The recent court ruling recognizing Bitcoin as a legal asset has also set a precedent on the future view of cryptocurrency in South Korea.
Though a new concept, digital currency is quickly being integrated, despite its structurally different employment of infrastructure in the markets. This growth in cryptocurrency demands mainstream banking institutions to take up the role of monitoring its exchange, and supervise compliance with South Korean anti-money laundering regulations. Cryptocurrency integration into the South Korean culture provides a yardstick to measure the growth of the blockchain internationally, and present specific trends.
The gaming industry presents the first trend, with increased adoption of cryptocurrency usage noted. The transition of the concept into the gaming industry is well received because it aligns to previous use of virtual currency in the markets. Gaming and cryptocurrency show a similar growth trajectory, and it is only natural that the two converge at some point.
Paving the way for the future of gaming is the Chief Information Officer of OPSkins, Malcolm Casselle. His education background in computer science, and focus on digital currency interactions with the emerging cryptocurrency is driving this new trend. The firm provides a gaming marketplace platform for players to trade their skins. He is also the Worldwide Asset eXchange (WAX) President, a decentralized marketplace where anyone can use a fully functional virtue platform without the need for investments in securities, infrastructure, and payment modes.
Through WAX, Malcolm presents a platform that uses tokens to replace virtual goods more efficiently and facilitate subsequent exchange to cryptocurrency. The tokens are not limited to video games only and have a mechanism that facilitates trustless trading among gamers. This function enables a large number of gaming traders to have virtual stores on one decentralized platform. The platform provides for additional participants into the ever-expanding ecosystem through real-time payments, security, and trust.