Svmuu News: Progmat, a Japanese digital asset issuance and management platform, has completed its migration to the Avalanche blockchain, transferring over 452 billion yen (approximately $2.7 billion) in security token assets from its original private, permissioned ledger to a dedicated Avalanche Layer 1 network.
Progmat stated that this migration was not merely a replacement of the underlying ledger, but rather a redesign of the platform’s architecture to eliminate the system’s reliance on a single blockchain, laying the foundation for future support of a multi-chain ecosystem.
During the migration, all existing smart contracts were transferred to the EVM environment while maintaining the functionality and rules of live projects. The entire migration process did not disrupt operations for financial institution users, and all business activities continued to run normally.
According to Progmat, following the migration, the processing speed for asset rights transfers has increased by approximately 3 to 5 times compared to the previous environment, and final confirmation time has been reduced to less than 2 seconds.
Progmat was initially incubated by Mitsubishi UFJ Trust and Banking, a subsidiary of MUFG—one of Japan’s largest banks—and began operating independently in October 2023. The platform is currently supported by institutions such as Mizuho Financial Group, the Tokyo Stock Exchange, and SBI Holdings. (The Block)