RL1 blockchain network launches operations, underlying platform processes over 700 million euros in transactions in three years

Odaily Planet Daily News Ten European financial institutions have jointly launched Regulated Layer One (RL1), which has been established as a European cooperative in Luxembourg and has begun operations, targeting regulated financial markets and tokenized assets.

The founding members of RL1 include ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion. RL1 stated that each member has equal decision-making power over network governance and development.

This private permissioned network is based on infrastructure developed by the German fintech company Secure Worldwide Interbank Asset Transfer (SWIAT), which has transferred network ownership to the cooperative. SWIAT stated that during three years of production use, the platform processed over 50 transactions worth more than 700 million euros.

RL1's intended use cases include digital currencies, tokenized bonds, collateral, and blockchain-based settlements. RL1 will be led by former SWIAT Managing Director Henning Vollbehr. KfW and L-Bank will continue to support the initiative, and RL1 is in discussions with more institutions, including NatWest, about joining the network.