Japan’s DMM Crypto is discontinuing its Seamoon Protocol. No new services will be added to the ecosystem, and the fate of existing services on the platform is under discussion, the company announced.
Seamoon Protocol suffers a setback in its fortunes
The Seamoon Protocol was powered by the SMP token on the DM2 Verse on the Oasys layer-2 blockchain. The Seamoon Portal was a Web3 gaming and content site featuring games and anime produced by Japanese internet and e-commerce group DMM.com.
In August, DMM Crypto was working with stablecoin platform Progmat to issue its own stablecoin for use alongside fiat and credit cards, in order to improve the ecosystem’s financial outlook. However, according to a translation of a DMM Crypto statement published by Japanese financial blogger Norbert Gehrke:
“Due to recent rapid changes in the business environment that have created challenges for the sustainability of the project, DMM Crypto decided to terminate the project early.”
The company did not specify what the challenges to its sustainability were.
The Kanpani Girl Re:Bloom game, which debuted in October as the first of five games planned to operate on the protocol, will be shut down on January 31, 2025 in connection with the slash.
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DMM.com has several interests in the cryptocurrency sector
DMM Crypto is the cryptocurrency exchange associated with DMM.com. It was launched in January 2023, and the Seamoon Protocol was launched in June 2023.
DMM.com opened DMM Bitcoin—also a cryptocurrency exchange—in September 2017. That exchange was hacked for $302 million in mid-2024 in an attack attributed to North Korea’s Lazarus group . Users who lost money were compensated by DMM.com .
DMM.com was involved in the cryptocurrency mining business from January 2018 to January 2019.
Longtime Seamoon Protocol partner Progmat established a partnership in September with Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank — Japan’s three largest banks — and blockchain startup Datachain on a new stablecoin platform in an effort they called Project PAX.
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