European Banks Unite on RL1 Blockchain Network

Regulated Layer One (RL1), a new cooperative blockchain network backed by ten European financial institutions, has launched its operations in Luxembourg. The group includes ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion.

RL1 will allow member institutions to have equal decision-making rights over the network's governance and development. The private, permissioned blockchain is based on infrastructure developed by German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which has transferred ownership of the network to the cooperative.

The platform has processed over 50 transactions worth more than 700 million euros ($808 million) during its three years of production use. The RL1 blockchain is designed to support institutional use cases, including digital money, tokenized bonds, collateral, and blockchain-based settlement.