European financial institutions launch RL1 cooperative blockchain network

Ten European financial institutions have launched RL1, a member-owned blockchain cooperative aimed at regulated financial markets and tokenized assets. The cooperative was established as a European Cooperative Society in Luxembourg and began operations with founding members such as ABN AMRO, DekaBank, Natixis CIB, Cecabank, Crédit Mutuel Alliance Fédérale, DZ BANK, LBBW, SC Ventures, Chartered Investment, and Seturion. Each member holds equal decision-making rights regarding the governance and development of the RL1 network.

RL1 operates a private, permissioned blockchain network based on infrastructure developed by the German fintech company Secure Worldwide Interbank Asset Transfer (SWIAT). Ownership of the network transfered from SWIAT to the cooperative. During its three years of production use, the platform processed more than 50 transactions totaling over 700 million euros (approximately $808 million). The network is designed to support institutional applications such as digital money, tokenized bonds, collateral management, and blockchain-based settlement.

The launch of RL1 aims to address fragmentation in financial services caused by institutions operating separate distributed ledger technology systems. By creating a shared blockchain network, the cooperative hopes to enhance interoperability and efficiency in regulated markets. Henning Vollbehr, former Managing Director of SWIAT, will lead RL1. The cooperative continues to receive backing from development banks KfW and L-Bank and is in talks with other institutions, including NatWest, to join the network.