Progmat completes migration to Avalanche, involving $2.7 billion in assets

Japanese securities token platform Progmat has completed its migration to Avalanche, transferring tokenized assets worth over 452 billion yen (approximately 2.7 billion US dollars) from Corda 5 to exclusive Avalanche Layer 1. The Progmat smart contract has been migrated to the EVM environment, increasing the speed of asset equity transfer processing by 3 to 5 times and shortening the final transaction confirmation time to less than 2 seconds. Progmat is incubated by Mitsubishi UFJ Trust Bank (MUFG) and currently has support from institutions such as Mizuho Bank, Tokyo Stock Exchange, SBI, occupying 53% of the Japanese securities token market.