European Banking Giants Launch RL1 Cooperative Blockchain Network
Ten major European financial institutions have formed RL1, a jointly owned permissioned blockchain cooperative in Luxembourg, aimed at tokenized assets and regulated settlements, leveraging proven infrastructure that has already processed over €700 million in transactions.
Quick Take
Ten European banks launched RL1, a jointly owned cooperative for regulated tokenized assets.
Network built on SWIAT infrastructure, having processed over €700M in transactions.
RL1 aims to eliminate fragmentation, supporting digital money, bonds, and settlement.
Discussions ongoing with NatWest and others to expand the network.
Market Impact Analysis
BullishDemonstrates growing institutional commitment to blockchain technology, potentially accelerating tokenization and adoption.
Speculation Analysis
Key Takeaways
- Ten European financial institutions launched RL1, a blockchain cooperative to streamline tokenized asset markets.
- Built on SWIAT's battle-tested infrastructure, the network has already processed over €700 million in transactions.
- RL1 targets institutional use cases: digital money, tokenized bonds, collateral, and settlement.
- NatWest and other banks are in talks to join, signaling expansion.
What Happened
Ten of Europe’s largest financial institutions have officially launched Regulated Layer One (RL1), a jointly owned blockchain cooperative registered as a European Cooperative Society in Luxembourg. The founding members — including ABN AMRO, DZ BANK, SC Ventures, and Natixis CIB — have equal governance rights over the permissioned network. Built on technology developed by German fintech SWIAT, RL1 inherits a battle-tested infrastructure that has already processed institutional transactions for three years. The network targets regulated markets: tokenized bonds, digital money, collateral mobility, and settlement. By pooling resources, the cooperative aims to eliminate the fragmentation caused by banks operating separate ledger systems.
The Numbers
RL1 begins operations not as a prototype but with proven capabilities. SWIAT’s platform has processed over 50 transactions totaling more than €700 million (about $808 million) during three years of production use. The ownership has now been transferred to the cooperative, giving the 10 founding members direct control. Each institution — from ABN AMRO to Seturion — holds equal decision-making power, a structure designed to foster trust. Early expansion talks are already underway with NatWest and others, signaling that the network’s footprint is set to grow quickly.
Why It Happened
The push to create RL1 stems from a common frustration: financial institutions have been experimenting with blockchain but often in isolation, leading to a patchwork of incompatible systems. This fragmentation limits the technology’s benefits. By forming a cooperative, the banks can share a single, regulated infrastructure for tokenized assets and settlement. The network’s permissioned nature satisfies regulatory and privacy requirements while enabling interoperability between members. Henning Vollbehr, former SWIAT Managing Director, will lead RL1, bringing continuity and technical expertise to scale the platform across Europe’s financial ecosystem.
Broader Impact
RL1 could serve as a blueprint for institutional blockchain adoption. Its cooperative model in Luxembourg — a major financial center — may set a precedent for how banks collaborate on shared infrastructure. The network’s immediate support for tokenized securities and digital money positions it at the intersection of traditional finance and decentralized technology. If successful, RL1 could reduce settlement times, lower costs, and eventually connect with other networks like the ECB’s trials for distributed ledger settlement, accelerating Europe’s digital finance transformation.
What to Watch Next
- Membership expansion: NatWest and other potential members could join in coming months, increasing network volume and credibility.
- First asset issuance: Watch for the debut of tokenized bonds or digital money instruments on RL1 as a test case.
- Regulatory alignment: With the EU’s DLT Pilot Regime and MiCA, RL1’s compliance-first approach could become a standard for institutional blockchain.
This article is for informational purposes only and does not constitute financial advice.
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