[NEWS] Progmat, operator of "Progma Coin," announces new management structure; Saito appointed as CEO

Progmat, Inc., which develops Progmat Coin, a platform for issuing and managing digital assets, announced on the 2nd that it will begin operations under a new management structure following the resolutions of the general shareholders' meeting and board of directors meeting held on the same day.

Mitsubishi UFJ Trust Bank's Tatsuya Saito will be appointed as Representative Director, Founder and CEO. He has played a central role in the operation of Progmat Coin to date.

In addition, Susumu Ishiyama will be appointed as CFO and CRO, Katsutoshi Tobe as CTO, and Yusuke Takezawa as CSO. Part-time directors include Yoshinori Fukushima, CEO of LayerX, and Ken Kawai, a partner lawyer at Anderson Mori & Tomotsune law firm.

Progmat explained that it took into consideration factors such as the selection of its management members' global knowledge of digital assets and their philosophy and know-how backed by experience in startup management and new business development. The company is now embarking on a new journey, saying that "the ideal is to achieve both innovation and reliability at a high level."

The company also announced that it will renew its corporate website and make quantitative information such as total issuance amount and public information on individual projects publicly available. This information will be updated in real time.

Progma is a platform that has been managed and operated by Mitsubishi UFJ Trust and Banking Corporation until now. According to the announcement, at the time of the establishment of Progmat, a new company, funds with an operating scale of over 81.8 billion yen were using the platform to issue and distribute tokens.

Following the revised Payment Services Act that came into effect in June this year, activity surrounding Progmacoin is accelerating day by day.

Last month, it was revealed that Mitsubishi UFJ Financial Group, Mizuho Financial Group, and others would collaborate in the stable coin field. After that, it was announced that eight companies, including Sumitomo Mitsui Financial Group and NTT Data, had signed a shareholder agreement regarding the establishment of Progmat.

Also on the 26th of the same month, domestic cryptocurrency exchange Binance Japan revealed that it was considering issuing a stablecoin using Progmacoin.

After obtaining a license to handle electronic payment methods, Binance Japan plans to issue a stablecoin backed by the Japanese yen within the next year. It is expected that it will then issue stablecoins denominated in foreign currencies.

By utilizing Progmacoin, it is said that the most flexible stablecoin can be designed and issued under current Japanese law.

The background to issuing such stablecoins is the simplification of complicated inter-company payments, which makes it possible to keep fees low and realize faster remittances than before.

It is expected that various companies will issue stablecoins in 2024, and it is expected that activity in this area will intensify in the future.

Reference:Announcement
Image: Quoted from the announcement

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