Japan’s DMM Crypto Acquires Capital with Plans for “Global Expansion”

Posted by cryptonews Crypto News October 22, 2024 914 Views

Firm planning to release blockchain gaming title later this month

Neoclassic Capital and other investors have contributed to DMM Crypto, the blockchain gaming and NFT division of the Japanese cryptocurrency exchange operator DMM, with the goal of “global expansion.”

Per a DMM press release and a report from the Japanese media outlet CoinPost, the firm said that it had also “entered into a new global strategic partnership” with the Singapore-based quantitative trading company and liquidity provider Presto.

DMM Crypto: Overseas Ambitions

The leader of the most recent round of strategic funding was Neoclassic, a Florida-based company in the United States. The amount of money invested was not disclosed by the parties.

This move was referred to by DMM as a new “strategic partnership.” In addition to “accelerating” its “global expansion,” it stated that this would be a “major step in expanding DMM Crypto’s services.”

The DMM group’s crypto exchange arm, DMM Bitcoin, hit the headlines for all the wrong reasons in May this year, when hackers stole some $305 million worth of assets.

However, the group seems to have high expectations for DMM Crypto, which it established in 2023 with the intention of entering the web3 and cryptocurrency gaming markets.

In Japan, the group is most well-known for its e-book, anime, and video streaming services. It runs e-commerce companies as well.

The Seamoon Protocol is a “web3 economic ecosystem” that DMM Crypto is presently developing.

It asserts that the protocol will make the blockchain space accessible to a wide variety of companies and creators.

According to Steve Lee, Neoclassic’s co-founder and managing partner, DMM’s “achievements as a leading entertainment conglomerate in Japan” would be beneficial.

“I am thrilled to support DMM Crypto’s vision in Japan” and its “global expansion” plans, he said.

Game Releases in Pipelines

DMM Crypto is planning to release a blockchain gaming title named Kanpani☆Girls RE:BLOOM this month.

It also says that it plans to release “several other blockchain games” in the near future.

The firm has also announced plans to launch “financial services,” following its August deal with the blockchain-powered AI mapping project Hivemapper.

Earlier this month, Neoclassic invested in the Japanese blockchain gaming startup doublejump tokyo.

DMM Bitcoin declared plans to pay out Bitcoin (BTC) to its customers in the wake of the May 2024 hack.

In response, Japanese authorities have threatened to take punitive action against DMM Bitcoin unless it strengthens its business operations.

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