European Banks Unite Behind RL1 Blockchain Cooperative

Ten major European financial institutions have launched RL1, a blockchain cooperative designed for regulated financial markets and tokenized assets. The group, which includes ABN AMRO, DekaBank, and Natixis CIB, 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 SWIAT, which has transferred ownership of the platform to the cooperative.

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