Progmat has completed the migration of its security-token platform from Corda 5 to a dedicated Avalanche Layer 1, moving more than ¥452 billion in underlying assets and issued securities. The company said every active project on the platform transitioned to the new network, making the security tokens compatible with the Ethereum Virtual Machine (EVM). Progmat describes itself as Japan's leading security-token platform by domestic market share.
Project Keystone and platform redesign
The migration was carried out under Project Keystone, which involved redesigning the system so its business functions no longer depend on a single blockchain. Progmat added a mediator layer between applications and the ledger, allowing the platform to connect with other chains later while preserving existing issuance, ownership, and transfer processes. The dedicated Avalanche L1 can also use rules tailored to regulated financial products.
Faster rights transfers
Progmat said the new setup processes rights transfers three to five times faster than the earlier system, with Avalanche transactions reaching finality in less than two seconds. The speed figure comes from Progmat's internal testing and has not been independently verified. Finality records a completed network transaction but does not cover every banking or administrative step around a trade.
Institutional controls and cross-chain plans
AvaCloud supplies the dedicated Avalanche network and operating services, meeting SOC 1 and SOC 2 Type II assurance standards. Progmat and Ava Labs also created a response system for outages during nights and holidays. The migration gives Progmat a base for planned links between security tokens, stablecoins, and tokenized bank deposits, with cross-chain services for delivery-versus-payment and payment-versus-payment transactions in development.