Japan’s DMM Crypto Shuts Down Seamoon Protocol Amid Troubles
Japan's DMM Crypto is ditching its Seamoon protocol. No new services will be added to the ecosystem, and the fate of existing services on the platform is being discussed, the company announced.
Seamoon protocol suffers from resource reversal.
The Seamoon protocol is powered by the SMP token with a DM2 number on the Oasys Layer-2 blockchain. Seamoon Portal was a Web3 game and content site that featured games and anime developed by Japanese e-commerce and Internet group DMM.com.
In August, DMM Crypto was working with Statcoin platform Progmat to launch its own stablecoin to be used alongside fiat and credit cards to boost the ecosystem's financial prospects. However, according to the description of DMM Crypto published by Japanese finance blogger Norbert Gehrke:
“Due to recent rapid changes in the business environment that have created challenges for the project's continuity, DMM Crypto has decided to end the project early.”
The company did not say what the challenges were in terms of sustainability.
Kanpani Girl's Re:Bloom, which launched in October as the first of five games planned to run on the protocol, will be affected on January 31, 2025 due to the slowdown.
Kanpani girls. Source: SMP Portal
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DMM.com has several fingers in the crypto pie
DMM Crypto is a cryptocurrency exchange affiliated with DMM.com. It was launched in January 2023 and the Seamoon Protocol was launched in June 2023.
Source: Seamoon Protocol
DMM launched a bitcoin – also a cryptocurrency exchange – in September 2017. That exchange was hacked for $302 million in mid-2024 in an exploit attributed to the North Korean Lazar group. Users who lost money were compensated by DMM.com.
DMM.com was in the crypto mining business from January 2018 to January 2019.
Progmat, a former partner of the Seamoon protocol, entered into a partnership in September with Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank – the three largest banks in Japan – and blockchain startup Datachain in an effort they call Project Pax, a new stablecoin platform.
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