The tokenization platform Progmat has completed its Pre-A round of financing, with four institutions including MUFG and Mizuho Bank having their holdings diluted.

Mitsubishi UFJ Financial Group (MUFG) has reduced its stake in the tokenization platform Progmat from 49% to 42%. The reason for the reduction is reportedly that Progmat completed its Pre-A round of financing earlier this week and introduced three new investors, including Nochun Trust and Banking, Aozora Bank, and the real estate company Kenedix. The specific amount raised in this financing round has not been disclosed. It is also reported that the completion of the new financing round has led to the dilution of equity for other shareholders of Progmat, including Sumitomo Mitsui Banking Corporation, Mizuho Bank, and Sumitomo Mitsui Trust Bank, who previously held 7.5% each and now have slightly less than 6.5%.

According to previous reports, Progmat is currently one of the two main licensed blockchain networks in Japan for issuing digital securities. Its platform will issue Japanese yen stablecoins on public blockchains such as Ethereum, and MUFG is also in discussions with several institutions to issue a global stablecoin. Its subsidiary, Mitsubishi UFJ Trust and Banking, plans to collaborate with Binance Japan to launch a new stablecoin. (LedgerInsights)