Bank

Portal

Oasys

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.
<h2 id="seamoon-protocol-suffers-a-reversal-of-fortunes">Seamoon Protocol suffers a reversal of fortunes</h2>
The Seamoon Protocol was powered by the SMP token in the DM2 Verse on the Oasys layer-2 blockchain. The Seamoon Portal was a Web3 gaming and content site that features games and anime produced by Japanese e-commerce and internet group DMM.com.
In August DMM Crypto was <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/progmat-dmm-seamoon-stablecoin-launch" rel="null" target="null" text="null" title="null">working with stablecoin</a> platform Progmat to issue its own stablecoin for use alongside fiat and credit cards to enhance the financial prospects of the ecosystem. However, according to a <a data-ct-non-breakable="null" href="https://medium.com/tokyo-fintech/failing-fast-seamoon-protocol-discontinued-69b0e14194ab" rel="null" target="null" text="null" title="null">translation</a> of a DMM Crypto statement published by Japan finance blogger Norbert Gehrke:
<blockquote>
 “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.”
</blockquote>
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 wound down by Jan. 31, 2025, in relation to the cutback.
<figure>
 <img alt="Japan, Games, Dmm, Web3" src="https://s3.cointelegraph.com/uploads/2024-11/01934127-92f0-7501-840f-5cceda52fdbb" title="">
 <figcaption style="text-align: center;">
 The Kanpani Girls. Source: <a data-ct-non-breakable="null" href="https://front.portal.dm2c.dmm.com/en" rel="nofollow noopener" target="_blank" text="null" title="https://front.portal.dm2c.dmm.com/en">SMP Portal</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/japan-banks-back-project-pax-global-settlements" rel="null" target="null" text="null" title="null">Japan’s major banks back new stablecoin project for global trade</a>
<h2 id="dmm-com-has-several-fingers-in-the-crypto-pie">DMM.com has several fingers in the crypto pie</h2>
DMM Crypto is a cryptocurrency exchange associated with DMM.com. It was launched in January 2023 and the Seamoon Protocol was launched in June 2023.
<figure>
 <img alt="Japan, Games, Dmm, Web3" src="https://s3.cointelegraph.com/uploads/2024-11/01934129-3648-7614-8b1b-2cf9c1e1303d" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/SeamoonProtocol/status/1857303864544026742" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/SeamoonProtocol/status/1857303864544026742">Seamoon Protocol</a>
 </figcaption>
</figure>
It opened DMM Bitcoin —also a cryptocurrency exchange — in September 2017. That exchange was hacked for $302 million in mid-2024. Users who lost money were <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dmm-bitcoin-raises-320m-recover-funds-hack-crypto-exchange-raises-320-m-to-recover-funds-after-major-hack" rel="null" target="null" text="null" title="null">compensated by DMM.com</a>. That hack was <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/fake-bitcoin-2024-ai-stream-mog-phishing-dmm-hack-dust-exsi-ransomware/" rel="null" target="null" text="null" title="null">attributed to North Korea’s</a> Lazarus Group.
DMM.com <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/japan-e-commerce-giant-dmm-shutters-crypto-mining-business-due-to-declining-profitability" rel="null" target="null" text="null" title="null">was in the crypto mining</a> business from January 2018 to January 2019.
Progmat, Seamoon Protocol’s erstwhile partner, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/japan-banks-back-project-pax-global-settlements" rel="null" target="null" text="null" title="null">entered into a partnership</a> in September with Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank — the three largest banks in&nbsp; Japan — and blockchain startup Datachain on a new stablecoin platform in an effort they called Project PAX.
Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/animism-japanese-characters-nft-blockchain/" rel="null" target="null" text="null" title="null">Why Animism Gives Japanese Characters a NiFTy Head Start on the Blockchain</a>
&nbsp;

Japan’s DMM Crypto shuts down Seamoon Protocol amid challenges

Table of Contents

Cointelegraph

Other articles published on Nov 18, 2024

Altseason begins: 5 cryptos that could be millionaire makers

Thala DeFi Hack Recovers $25M After Bounty Negotiation

Benjamin Cowen Predicts Cardano’s Decline Against Bitcoin by Year-End

Bybit Card Joins Black Friday with 20 USDT Sign-Up Bonus and Up to 15% Cashback

Affordable and Explosive: 5 Cryptos Under $0.10 to Watch Before the Year Wraps Up!

OCC notice suggests impending launch for spot Bitcoin ETF options trading

Join our free newsletter for daily crypto updates!