Earle Hall, CEO of AXES.ai, was interviewed by host Adam Torres on the Mission Matters Innovation Podcast.
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In this insightful conversation, Earle Hall shares how AXES is making the land-based gaming industry safer, more accountable, and even more fun.
What mission matters to you?
Hall says his team’s mission is to bring greater legitimacy to the land-based gaming industry through traceability and transparency of transactions, all in an effort to eliminate money laundering and addictive gambling.
How did you get started on the path of FinTech and gaming?
Twelve years ago, Hall notes, some changes in the law required land-based gaming transactions to be stored and traced to encourage cashless gaming. His team was working to solve the same issue in Mexico when the new law was enacted, at which point they realized the simplest solution would be to develop a cloud-based system to address it. They began developing the product in 2006, and over the next five years, they produced a closed loop, cloud-based cashless solution. As of 2022, AXES now provides fintech services to more than 40 countries.
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The casino industry’s current landscape
Hall explains that the casino industry has always been a closed-loop system, but due to the COVID-19 pandemic, the land-based gaming industry has begun exploring open-loop models and now must protect the closed loop strategy and add on the virtual money transportation piece which is open loop.
“It’s an exciting time because FinTech providers are trying to get into the gaming industry,” he notes, “which can make gaming a traceable and legitimate event with KYC (Know Your Customer). They just need to ensure that their money transportation system meets all the rules, regulations, and patents as well as traditional closed loop methodologies.”
The direct open-loop shift can pose a threat to the traditional casino industry, though, as its business model is centered around the deposition of money in a closed-loop system, which keeps money floating for casino operators. Therein, he explains, lies a challenge.
The role of blockchain and cryptocurrency
In an age of cyberwar, Hall says, cloud and blockchain is the only methodology to ensure one hundred percent information security. Noting that it’s not physically viable to hack, he says AXES has been using blockchain technology for five years now.
“Cryptocurrency, and digital currency transactions based on KYC are now the safest ways to make a transaction, (while) paper money is an inefficient tool that enhances the risk of money laundering,” he counters. But as casinos go cashless, he says, legitimacy will follow.
Tell us more about AXES.ai.
Hall explains that AXES offers IoT devices to intelligently transport information to AXES Cloud. Cloud-based real-time detection and alerts prevent illicit activities, giving companies control over the security, speed, legitimacy, and traceability of their data. In addition to their business analytics package, they offer cashless features in the AXES App Store. AXES serves three markets: government, casinos, and route/street markets.
As policymakers, educators, and standard organizations engage with emerging technologies, Hall predicts the industry will be transformed. When asked about his plans for the future of AXES, he says it’s focused on educating more people about its cloud-based solutions and how they can help clients innovate to meet the moment. Meanwhile, its new media division is coming online soon with an exciting launch of new products that will redefine CPM metrics..