Bees Wax was used on older accordions for years. Especially Hohner.   It is used to hold the Reeds into the blocks. Reed is pressed in Place and melted into the wax with a pencil soldering iron
or piece of metal warmed up to the point where it will soften the wax.
This is so the reed can be remove easily for replacement. I have set reeds on occasion with clear silcone. Makes for a lasting job but is hard to remove in case of repair. be very careful not to get the silcone on the reed. hope this helps some .