European Banks Unite with Blockchain Cooperative

Ten European financial institutions have joined forces to create Regulated Layer One (RL1), a blockchain cooperative that provides shared infrastructure for tokenized assets and regulated market workflows. RL1 is built on infrastructure previously developed by German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which processed more than 50 transactions worth over €700 million during three years of production use.

The network is governed equally among members, with each holding decision-making rights over the network's development and direction. RL1 targets regulated institutional use cases such as tokenized bonds, collateral, and settlement for digital money.

RL1's cooperative structure aims to reduce the 'single-rail' problem, where multiple institutions build or operate separate ledger systems that may not interoperate cleanly. The permissioned design is intended to fit regulated environments and institutional processes, rather than replicating the accessibility and openness typical of public blockchain networks.