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 Japanese yen (approximately $2.7 billion) from its original private permissioned ledger to a dedicated Avalanche Layer 1 network.

Progmat stated that this migration was not simply a swap of the underlying ledger but a redesign of the platform's architecture, ensuring the system no longer relies 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 the EVM environment while maintaining the functionality and rules of the already-launched projects. The entire migration process did not impact the operations of institutional financial users, with all business running normally.

According to Progmat, after the migration, the processing speed for transferring asset rights has increased approximately 3 to 5 times compared to the previous environment, with final confirmation time shortened to within 2 seconds.

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