European Banks Launch Blockchain Network Excluding Public Cryptos

A consortium of ten European financial institutions has launched RL1, a member-owned cooperative blockchain network. The founding members include ABN AMRO, DekaBank, and Natixis CIB. Unlike other blockchain networks, RL1 excludes public crypto tokens from its operations.

RL1 operates as a permissioned distributed ledger technology network focused on tokenized assets, payments, settlement, and capital market applications. The network builds on the existing SWIAT platform, which has processed over €600 million in transaction volume since going live.

The cooperative structure ensures that no single bank dominates the network, with every member receiving an equal voice. This aligns with the European Union's vision for a unified digital capital market infrastructure.