DMM Crypto, a Japanese cryptocurrency exchange under the DMM.com umbrella, has announced the termination of its Seamoon Protocol. The platform will not launch any new services, and the future of existing services is under review, the company stated.
Seamoon Protocol Faces Early Shutdown
Launched in June 2023, the Seamoon Protocol operated on the Oasys layer-2 blockchain and utilized the SMP token within the DM2 Verse ecosystem. The protocol supported a Web3 gaming platform, Seamoon Portal, featuring anime and games developed by DMM.com.
Earlier this year, DMM Crypto explored issuing a stablecoin in collaboration with Progmat, aiming to integrate fiat and credit card payments to strengthen its ecosystem. However, the company revealed that recent business challenges have made the project unsustainable. According to a translated statement shared by finance blogger Norbert Gehrke, DMM Crypto cited “rapid changes in the business environment” as a key factor behind its decision to discontinue the protocol.
The first game launched on the platform, Kanpani Girl Re, will cease operations by Jan. 31, 2025, signaling the broader winding down of the Seamoon Protocol.
DMM.com’s Expanding Crypto Footprint
DMM Crypto began operations in January 2023, adding to DMM.com’s growing involvement in cryptocurrency. The company also runs DMM Bitcoin, another cryptocurrency exchange that debuted in 2017. Unfortunately, DMM Bitcoin suffered a major hack in mid-2024, with the Lazarus Group of North Korea reportedly stealing $302 million. DMM.com compensated affected users in the aftermath.
DMM.com has a history of experimenting with crypto ventures. It briefly entered the crypto mining business from 2018 to 2019.
A Broader Context for Japan’s Crypto Sector
Progmat, which partnered with Seamoon Protocol earlier, has since joined forces with Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank—Japan’s top three banks—on a new stablecoin initiative, Project PAX. This partnership aims to advance stablecoin technology in the Japanese financial sector, potentially filling gaps left by the discontinuation of projects like Seamoon Protocol.
