Crypto
European Banks Launch Cooperative Blockchain Network for Regulated Markets
Ten major European financial institutions have launched RL1, a new blockchain network designed specifically for regulated financial markets and the settlement of tokenized assets.
The founding participants include ABN AMRO, DekaBank, and SC Ventures (the innovation arm of Standard Chartered), alongside seven other unnamed European institutions.
The network is structured as a cooperative, with all member institutions holding equal voting rights and jointly operating the network.
This governance model aims to prevent any single entity from controlling the infrastructure, which is a key consideration for regulated financial services.