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, transferring security token assets worth over 452 billion yen (approximately $2.7 billion) from its original 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, making the system no longer reliant on a single blockchain and laying the foundation for supporting a multi-chain ecosystem in the future.

During the migration process, all existing smart contracts were transferred to an EVM environment while maintaining the functionality and rules of the projects that were already live. 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 transferring asset rights has improved approximately 3 to 5 times compared to the previous environment, with final confirmation times reduced to within 2 seconds.

Progmat was initially incubated by Mitsubishi UFJ Trust and Banking, a subsidiary of MUFG, one of Japan's largest banks, and began independent operations in October 2023. The platform is now supported by institutions including Mizuho Financial Group, Tokyo Stock Exchange, and SBI Holdings. (The Block)