Japan’s DMM Crypto Secures Funding, Eyes ‘Global Expansion’

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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October 21, 2024

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The Japanese crypto exchange operator DMM’s blockchain gaming and NFT arm DMM Crypto says it has received funding from Neoclassic Capital and others as it eyes “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

Neoclassic, based in Florida, in the United States, headed the latest strategic funding round. The parties did not disclose how much money had been invested.

DMM called the move a new “strategic partnership.” It claimed this would be a “major step in expanding DMM Crypto’s services” and “accelerating” its “global expansion.”

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.

But the group appears to have high hopes for DMM Crypto, which it founded in 2023 with a view to breaking into the world of web3 and crypto gaming.

The group is best known in Japan for its video streaming, anime, and e-book services. It also operates e-commerce businesses.

DMM Crypto is currently working on a “web3 economic ecosystem” named Seamoon Protocol.

It claims the protocol will allow a range of diverse businesses and creators to access the blockchain sphere.

Steve Lee, the Co-founder and Managing Partner of Neoclassic, claimed that DMM’s “achievements as a leading entertainment conglomerate in Japan” would prove valuable.

He said that Neoclassic was “excited to support DMM Crypto’s vision in Japan” and its “global expansion” plans.

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.

Following the May 2024 hack, DMM Bitcoin announced plans to compensate its customers with Bitcoin (BTC) payouts.

Japanese regulators have followed up by ordering DMM Bitcoin to shore up its business operations or face punitive action.