As a researcher with years of experience in the dynamic and complex world of cryptocurrency and blockchain technology, I’ve seen my fair share of projects that have soared to great heights only to face unexpected challenges. The announcement of DMM Crypto discontinuing its Seamoon Protocol feels like another chapter in this rollercoaster ride.
Japan’s DMM Crypto has decided to stop using the Seamoon Protocol. From now on, no new services will be incorporated into the system, and the future of currently available services on the platform is being considered, according to a recent announcement by the company.
Seamoon Protocol suffers a reversal of fortunes
In the virtual world of DM2 Verse, running on the Oasys layer-2 blockchain, the functionality of the Seamoon Protocol was fueled by SMP tokens. The Seamoon Portal, a Web3 gaming and content platform, offered games and anime content created by DMM.com, a Japanese e-commerce and internet conglomerate, within its digital domain.
In August, DMM Crypto collaborated with the stablecoin platform Progmat to launch its own stablecoin. This digital coin will be used in conjunction with fiat currencies and credit cards, aiming to boost the financial potential within the ecosystem. As reported by Norbert Gehrke, a finance blogger based in Japan, this is according to a statement released by DMM Crypto.
“Due to recent rapid changes in the business environment that have created challenges for the project’s sustainability, DMM Crypto decided to terminate the project early.”
The company did not specify what the challenges to its sustainability were.
Starting January 31, 2025, the popular game “Kanpani Girl Re:Bloom,” initially launched in October as the inaugural title on the protocol, will be officially closed due to budget cuts.
DMM.com has several fingers in the crypto pie
As an analyst, I find myself delving into the world of digital currencies, specifically DMM Crypto – a platform linked to DMM.com that made its grand entrance in the crypto sphere back in January 2023. Interestingly, it was followed by another significant event, the launch of the Seamoon Protocol, which took place in June 2023.
In September 2017, DMM Bitcoin, a cryptocurrency exchange, was launched. Unfortunately, this platform was breached in mid-2024, resulting in a theft of $302 million. To make up for the losses, DMM.com compensated affected users. The hack was traced back to the Lazarus Group, a cybercrime organization believed to be linked to North Korea.
DMM.com was in the crypto mining business from January 2018 to January 2019.
In September, Progmat, who was previously associated with Seamoon Protocol, teamed up with Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mizuho Bank (the three largest banks in Japan), and a blockchain startup named Datachain to launch Project PAX. This collaboration aims to create a new stablecoin platform.
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2024-11-19 00:44