European Banks Launch Cooperative Blockchain Network RL1

European financial institutions have launched RL1, a cooperative blockchain network designed for regulated financial markets and tokenized assets. The network is backed by ten European financial institutions, including ABN AMRO, DekaBank, and Natixis CIB. Each member will have equal decision-making rights over the network's governance and development.

The RL1 network is based on infrastructure developed by German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which has transferred ownership of the network to the cooperative. SWIAT said the platform has processed more than 50 transactions worth over 700 million euros ($808 million) during three years of production use.

The blockchain 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.