Japan's dominant digital asset issuance and management platform Progmat has completed its migration to the Avalanche blockchain.
According to a recent blog post, Progmat moved its entire security token platform — including all active tokenized assets worth over ¥452 billion (about $2.7 billion) — from a private, permissioned ledger based on Corda 5 to a dedicated public Avalanche Layer 1.
"Rather than a straight swap of one ledger for another, Progmat redesigned the underlying architecture so the platform is no longer tied to any specific blockchain, making it easier to facilitate a multi-chain platform as requirements evolve," the blog dated July 10 reads.
"All existing smart contracts were ported to EVM without changing the behavior or specifications of any live project, and financial institutions continued operating normally throughout," it continues. "The most tangible result: rights transfer processing is now approximately 3 to 5 times faster than the pre-migration environment."
The migration, first announced in February, finished on schedule with zero disruption to the financial institutions using the platform.
