European Firms Launch Cooperative Blockchain Network RL1

Regulated Layer One (RL1), a blockchain cooperative designed for regulated financial markets and tokenized assets, has been launched by ten European financial institutions. The group includes ABN AMRO, DekaBank, Natixis CIB, and others, all of which have equal decision-making rights over the network's governance and development.

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

The blockchain supports institutional use cases including digital money, tokenized bonds, collateral, and blockchain-based settlement. RL1 aims to reduce fragmentation caused by financial institutions operating separate distributed ledger systems.