Japan's Security Token Platform Progmat Migrates to Avalanche, Bringing Nearly $3 Billion in Assets On-Chain

Odaily Planet Daily News: Progmat, a Japanese digital asset issuance and management platform, has completed its migration to the Avalanche blockchain, moving security token assets worth over 452 billion yen (approximately $2.7 billion) from its existing private permissioned ledger to a dedicated Avalanche Layer 1 network.

Progmat stated that this migration is not simply a replacement of the underlying ledger but a redesign of the platform's architecture. The system will no longer rely on a single blockchain, laying the foundation for supporting a multi-chain ecosystem in the future.

During the migration process, all existing smart contracts were transferred to the EVM environment while maintaining the functionality and rules of already-launched projects. The entire migration process did not impact the operations of institutional financial users, and all business continued to run normally.

According to Progmat, after the migration, the processing speed for asset rights transfers has improved approximately 3 to 5 times compared to the previous environment, with final confirmation times reduced to under 2 seconds.

Progmat was originally incubated by Mitsubishi UFJ Trust and Banking, a subsidiary of MUFG, one of Japan's largest banks, and became independent in October 2023. The platform currently receives support from institutions including Mizuho Financial Group, Tokyo Stock Exchange, and SBI Holdings. (The Block)