DMM, a renowned crypto exchange in Japan, has confirmed securing new funding. The fundraising was led by Florida-headquartered investment company Neoclassic Capital, supported by multiple venture capital and crypto investors.
The DMM team confirmed that the new capital will help the crypto exchange expand its footprint in the offshore market. For the past few months, the crypto exchange has been expanding its geographical presence through strategic partnerships.
DMM Secures New Funding
Recently, the crypto exchange sealed a partnership agreement with a Singapore-based trading platform Presto. At that time, the crypto exchange described Presto as its global strategic partner in Asia.
Even though the crypto exchange did not disclose the amount raised in the funding round, the crypto exchange revealed plans to redirect the new funding to product development. DMM plans to expand its product offering to meet the ever-changing customers’ needs. Since its inception, the DMM has made significant milestones in the Web3 and crypto gaming industry.
Its active contribution to the crypto space position crypto exchange at a strategic position to blossom. Unlike other crypto exchanges, DMM supports Japan’s video games, e-books, and anime platforms. Recently, the crypto exchange confirmed plans to launch an exclusive Web3 platform, Seamoon Protocol, which will onboard new users to the crypto sector.
The Seamoon Protocol, currently under development, will be tailored to the needs of investors and developers building on blockchain technology.
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Apart from this, the crypto exchange confirmed plans to launch a blockchain game called Kanpani Girls by the end of the month.
Neoclassic Ventures Leads DMM Funding Round
After the successful launch of the new game, the crypto exchange will develop other blockchain games that will offer the players an immersive and interactive gaming experience. Besides launching new blockchain games, the crypto exchange has been working with AI mapping company Hivemapper to introduce new financial services.
With the list of projects the crypto exchange intends to launch, the crypto exchange boasts of attaining incredible success in reshaping the crypto and Web3 sectors. A statement from the co-founder of Neoclassic labeled crypto exchange as the best-performing entertainment conglomerate in the Asian region.
DMM Recovers for Multimillion Hack
The executive confirmed that Neoclassic was pleased to support the crypto exchange in realizing its long-term objective of cementing its market position in global markets. The new funding came months after the crypto exchange was struck by a $305 million hack.
The crypto exchange regretted that the hackers escaped with 4502 Bitcoin, ranking Japan’s second largest crypto theft. The crypto exchange later announced plans to refund the customers affected by the hack.
The crypto exchange hack demonstrates how security breaches undermine the growth of the crypto industry. Irrespective of this, crypto exchanges must ensure the customer’s funds are safe and secure to prevent financial losses.
For more updates on how DMM mitigates crypto risk while expanding its market presence, follow The Bitjournal on X, Telegram, and LinkedIn.
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