Close Menu
    Blockchain

    Japanese firm DMM Crypto discontinues Seamoon Protocol, affecting associated platforms and partnerships

    By No Comments3 Mins Read
    HI, International Regulatory Milestones for Crypto Exchanges, touch screen, guidance, explanation, presentation, trader, jurisdiction, man, manual, suspend, red button, stop

    30s Summary

    Japanese company DMM Crypto is discontinuing its Seamoon Protocol, scrapping plans for new editions and leaving the current services’ future uncertain. The protocol hosts the Seamoon Portal, a platform for gaming and anime from e-commerce group DMM.com. Its stablecoin platform partner, Progmat, has inked a deal with Project PAX, a venture run by Japan’s three major banks and startup Datachain. Additionally, game Kanpani Girl Re:Bloom, which operates on the protocol, will also stop operations by 31 January 2025. It is unclear why DMM Crypto has decided to stop the protocol.

    Full Article

    DMM Crypto from Japan is pulling the plug on its Seamoon Protocol. The company has declared that there won’t be any new additions to this system, and what happens to the already offered services on this platform is still up in the air.

    Things don’t seem to be looking up for the Seamoon Protocol. This system, powered by the SMP token in the DM2 Verse within the Oasys layer-2 blockchain was home to the Seamoon Portal, a site that was buzzing with gaming activities and content, showcasing games and anime that were churned out by the Japanese e-commerce and online group – DMM.com.

    DMM Crypto had joined forces with the stablecoin platform Progmat in August to issue its own stablecoin to be used together with regular cash and credit cards with the aim of bettering the financial outlook of the ecosystem. But a translation of a recent statement from DMM Crypto voiced by Norbert Gehrke, a Japan finance blogger, reveals that due to recent fast-paced changes affecting the business environment that pose challenges to the project’s viability, DMM Crypto decided to pull down the shutters on the project earlier than planned. The company, however, didn’t spill the beans on what these viability challenges were.

    The game Kanpani Girl Re:Bloom, which had released in October as the franchise’s first game in a series of five planned games to operate on the protocol, will also be slowly phased out along with the cutback, its operations ending by January 31, 2025.

    DMM Crypto, tied to DMM.com, is a platform to exchange cryptocurrencies that was initiated in January 2023. Another platform for cryptocurrency exchange, DMM Bitcoin, was opened in September 2017, which fell prey to a hack and lost $302 million in the middle of 2024. All DMM.com users who lost money were reimbursed for their loss. This hacking incident was reportedly the handiwork of North Korea’s Lazarus Group.

    DMM.com had its fingers in the crypto pie – the company was in the business of crypto mining from January 2018 to January 2019. Progmat, Seamoon Protocol’s former collaborator, signed a deal in September with Project PAX, a combo effort from the three biggest banks in Japan – Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank – and blockchain startup Datachain to bring in a new stablecoin platform.

    Related Posts