European Banks Launch Cooperative Blockchain Network for Regulated Markets

Ten European financial institutions have come together to launch Regulated Layer One (RL1), a cooperative blockchain network designed for regulated financial markets and tokenized assets. The group, which includes ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion, has established RL1 as a European Cooperative Society in Luxembourg. Each member will have equal decision-making rights over the network's governance and development.

The private permissioned network is based on infrastructure developed by German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which has now transferred ownership to the cooperative. SWIAT reported that the platform has processed more than 50 transactions worth over 700 million euros ($808 million) during three years of production use.

RL1 is designed to support institutional use cases, including digital money, tokenized bonds, collateral, and blockchain-based settlement. The shared network aims to reduce fragmentation caused by financial institutions operating separate distributed ledger systems.