Progmat and Japanese entertainment giant DMM are teaming up to create a new stablecoin for the Seamoon Protocol, aiming to enhance user experiences in the Web3 culture and entertainment space.
Japan, Bollywood Fever: Digital asset platform Progmat and Japanese entertainment powerhouse DMM are joining forces to create a new stablecoin, which will be utilized within the Seamoon Protocol, Japan’s Web3 network dedicated to culture and entertainment.
The collaboration between the two companies is expected to bring new opportunities for innovation and enhance user experiences within the Seamoon Protocol ecosystem.
The stablecoin project will undergo a joint study, with the intention of minting the stablecoin on the Progmat Coin platform under the regulations introduced by the Japanese parliament in June 2023.
Once completed, DMM Crypto, a subsidiary of DMM Group, plans to use the stablecoin within the Seamoon Protocol, which features popular video games, movies, and TV shows.
Nagato Kasaki, CEO of DMM Crypto, highlighted the motivation behind launching Seamoon Protocol, stating:
“Our inspiration for launching Seamoon Protocol was to create a place where a global community could experience DMM’s cultural universe and co-create new experiences together.
Our consortium’s ability to create dynamic and dependable digital assets, like the planned stablecoin, will enable that vision to come to life.”
Kasaki also expressed gratitude towards Progmat for providing the expertise needed to help DMM Crypto achieve its goal of enhancing cultural experiences for users.
The envisioned stablecoin is expected to serve as a reserve currency for the project’s treasury pool and as a price stabilization mechanism for a forthcoming cryptocurrency.
This cryptocurrency will become the primary payment method within the Seamoon Protocol and across DMM’s broader portfolio of companies.
The collaboration between Progmat and DMM represents a significant step in integrating digital assets into Japan’s evolving Web3 landscape, particularly in the culture and entertainment sectors.
As the project progresses, it promises to bring exciting developments and new ways for users to engage with DMM’s vast cultural offerings.
Also Read other news articles, ECB Chief Economist Philip Lane: Restrictive Monetary Policy Needed to Tackle Inflation
Ripple and Kraken Legal Chiefs Criticize SEC Following Court Ruling in Kraken Case
