European Banks Unite on Blockchain Cooperative RL1

Ten European financial institutions have banded 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.

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.

RL1 aims to reduce fragmentation caused by separate distributed ledger systems operated by financial institutions. The blockchain platform has processed over 50 transactions worth more than 700 million euros ($808 million) during three years of production use.