Progmat Migrates $2.7B in Assets to Avalanche Blockchain

Progmat, one of Japan's largest security-token platforms, has completed the migration of all its security-token projects to the Avalanche layer 1 blockchain.

The firm transferred at least $2.7 billion in assets and issued securities on a new infrastructure, making it the latest major player to join the Avalanche ecosystem.

This migration allows for faster transactions, with rights transfers now three to five times quicker than before, according to Progmat's own tests.

The platform has also become EVM-compatible, opening access for developers to use Ethereum tools and smart contracts.

Progmat's move comes as financial institutions are increasingly adopting blockchain technology to change traditional markets. The firm is working with banks, asset managers, and securities firms on a project to study the impact of blockchain on Japan's largest financial market - government bonds.