Progmat Moves $2B in Assets to Dedicated Avalanche Layer 1

Progmat, a leading security token platform in Japan, has announced its intention to migrate over $2 billion in real estate and corporate bonds from Corda to a dedicated Layer 1 on Avalanche. This significant move is expected to bring together some of Japan's largest firms, including Toyota, Konami, and TIS Inc., thereby providing Avalanche with a foothold in the country's institutional investment circles.

The migration, facilitated by Progmat's partnership with AvaCloud, a managed blockchain service, will enable the creation of a dedicated blockchain on Avalanche. This new network will provide users with built-in privacy features and compliance systems, making it an attractive solution for institutional-grade throughput at low and predictable fees.