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BTC Japan Progmat completes a 452 billion yen migration to the Avalanche Layer 1 platform
Progmat-Japan's largest security-based token platform with market share-has successfully migrated its entire digital securities infrastructure from Corda 5 to a new dedicated Avalanche Layer 1 blockchain. The company reported that all active projects have been transferred to the new agreement, covering issued securities and underlying assets totaling more than 452 billion yen, as part of its continued expansion in the digital asset space.
"Cornerstone Project" achieves blockchain upgrades
This migration was completed under the framework of the "Cornerstone Project", a strategic move to modernize the Progmat platform and get rid of reliance on a single blockchain. As part of the transition, Progmat introduced an intermediary layer between the application layer and the blockchain. This architecture allows the connection of multiple distributed ledgers in the future without changing the platform's existing security-based token issuance, ownership or transfer model. The implementation of dedicated Avalanche Layer 1 also ensures that the network remains independent from the open retail transaction environment while complying with regulated financial product requirements.
Dictionary: Progmat is a Japanese-based digital securities infrastructure provider focusing on providing tokenization and blockchain solutions for regulated assets.
EVM compatibility and transaction speed improvement
With this upgrade, the platform also achieves compatibility with the Ethereum Virtual Machine (EVM), allowing developers to develop using Ethereum-based tools. Progmat has migrated its smart contracts from Java-based Corda code to Solidity, the mainstream programming language of Ethereum, simplifying the integration process for developers familiar with the Ethereum ecosystem. The company said rights transfers were processed three to five times faster than before. The selected Avalanche Layer 1 solution is reported to be able to achieve final confirmation in less than two seconds, improving blockchain settlement speeds compared to previous Corda-based infrastructures.
Progmat pointed out that although the system now supports EVM-compatible development, security-based tokens are still restricted and cannot be freely accessed through public crypto wallets. During the switching process, existing issuers were almost unaffected and retained the original product structure.
Cross-chain settlement and industry expansion
Progmat expects that the new infrastructure will support future cross-chain settlement services involving securities tokens, stablecoins and tokenized bank deposits. Earlier this year, Datachain announced a partnership with Progmat to develop cross-chain "delivery-to-payment"(DvP) and "payment-to-payment"(PvP) solutions that will enable assets and funds to be settled harmoniously across multiple blockchains.
Small Dictionary: Datachain is a Japanese company focusing on blockchain interoperability solutions, with cross-chain settlement and integration as its core business.
Progmat emphasized that settlement services such as DvP and PvP are crucial for regulated financial markets seeking seamless cross-blockchain operations. The network is supported by AvaCloud, which provides Avalanche infrastructure and ongoing operational support. Progmat stated that the system complies with SOC1 and SOC2 Type II assurance standards. Ava Labs, Avalanche's leading technology developers, and Progmat have also developed a joint emergency plan to respond to failures that occur during non-standard working hours.
The migration comes at a time when Avalanche's tokenization ecosystem is growing. BlackRock's BUIDL fund has assets on the network that have reached approximately US$900 million, while the total real-world assets tokenized on Avalanche have reached nearly US$2.1 billion. In addition, Progmat is also working with Metaplan and JPYC to research bitcoin-based digital credit products. Global tokenization company Securitize has also expanded its tokenized stock offering to Avalanche and Solana in recent weeks.
