Tokenization platform Progmat completes Pre-A round of financing, and the holdings of 4 institutions including Mitsubishi UFJ and Mizuho Bank are diluted

Odaily News Mitsubishi UFJ Financial Group (MUFG) has reduced its stake in tokenization platform Progmat from 49% to 42%. It is reported that the reason for the reduction is that Progmat has completed its Pre-A round of financing at the beginning of this week and introduced three new investors, including Nochun Trust and Banking, Aozora Bank and real estate company Kenedix. The specific amount of this round of financing has not been disclosed. It is reported that the completion of the new round of financing has also led to the dilution of the equity of other shareholders of Progmat, including Sumitomo Mitsui Banking Corporation, Mizuho Bank and Sumitomo Mitsui Trust Bank. They previously held 7.5% of the shares respectively, and now their shareholding ratio is slightly less than 6.5%.
According to previous news, Progmat is one of the two major licensed blockchain networks currently used in Japan to issue digital securities. Its platform will issue Japanese yen stablecoins on public blockchains such as Ethereum, and Mitsubishi UFJ has also discussed the issuance of global stablecoins with multiple institutions. Its Mitsubishi UFJ Trust Bank plans to cooperate with Binance Japan to launch a new stablecoin. (LedgerInsights)