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DMM Crypto’s recent decision to end the Seamoon Protocol underlines the volatile landscape of Japan’s cryptocurrency sector.
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The shutdown highlights the ongoing challenges within the crypto market, forcing companies to rethink their strategies and offerings.
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According to DMM Crypto: “Due to the recent rapid changes in the business environment that have created challenges for the sustainability of the project, DMM Crypto has decided to terminate the project prematurely,” a perspective further echoed by financial expert Norbert Gehrke.
DMM Crypto shuts down Seamoon Protocol amid evolving market challenges, raising questions about sustainability in Japan’s rapidly changing crypto landscape.
Seamoon Protocol is suddenly discontinued due to market evolution
The Seamoon Protocol was initially touted as a promising venture within the rapidly evolving world of blockchain, largely due to its reliance on the SMP token. This initiative was launched on the Oasys Layer-2 blockchain and aimed to create a robust Web3 gaming ecosystem, embedded in the DM2 Verse. However, with the recent announcement of discontinuation, the fate of the project has taken a drastic turn. The Seamoon Portal provided a hub for gaming and anime content, but now existing and potential services are being assessed.
In stark contrast to previous ambitions, DMM Crypto had been exploring potential partnerships with stablecoin platforms such as Progmat, hoping to introduce a stablecoin to strengthen its ecosystem. However, a recent statement reflects a sobering shift in priorities: “Due to the recent rapid changes in the business environment that have created challenges to the sustainability of the project, DMM Crypto has decided to terminate the project prematurely.” This abrupt change not only raises questions about the viability of the protocol, but also puts a spotlight on the inherent risks in the cryptocurrency market.
Understanding the implications for the future of DMM Crypto
The closure of the Seamoon Protocol will also affect the recently launched game, Kanpani Girl Re:Bloomwhich was introduced as part of a larger series of gaming projects. Initially expected to take charge of the protocol, its phase-out on January 31, 2025 serves as a further indicator of the uncertainties facing blockchain projects and the gaming sector in general. The lack of clarity around the specific challenges that led to this decision is causing investors and stakeholders to question the future of digital innovation within the company.
DMM.com and its Crypto Ventures: a mixed bag of successes and failures
DMM Crypto is intrinsically linked to the larger DMM.com ecosystem, a company that has ventured into multiple aspects of cryptocurrency since its inception. Although launched in January 2023, the roots of DMM’s cryptocurrency commitment stretch back to 2017 with the founding of DMMBitcoin. This exchange suffered a significant setback in mid-2024, when it suffered a hack orchestrated by North Korea’s Lazarus Group, which resulted in a loss of $302 million. The company showed resilience and compensated affected users with a calm response to the breach.
