Luxembourg Cooperative RL1 Launches with Ten European Finance Firms

RL1, a Luxembourg-based European Cooperative Society, has launched operations on July 28. The cooperative is owned by 10 financial institutions that aim to create a regulated tokenized market and digital money platform.

The founding group includes ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion. Henning Vollbehr, former managing director of SWIAT, will lead the cooperative.

RL1 gives its founding members equal governance rights through a general assembly, supervisory board, and operational management board. The network is private and permissioned, but membership remains open to additional regulated financial-market participants.