European Institutions Launch RL1: Cooperative Layer One

RL1 debuts as a member-owned blockchain cooperative

Ten major European financial institutions have launched Regulated Layer One (RL1), a member-owned blockchain cooperative tailored to regulated markets and tokenized assets. Established as a European Cooperative Society in Luxembourg, RL1 opens as a private, permissioned network intended for institutional crypto use — from digital money and tokenized bonds to collateral management and blockchain-based settlement.

Founding members and governance

Equal decision rights for member banks

Founding participants include ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures and Seturion. RL1 said each member will hold equal decision-making power over governance and development, reinforcing its cooperative model for a regulated layer one focused on financial-market compliance.

Infrastructure and production track record

SWIAT technology and transaction history

The private network builds on infrastructure developed by German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which has transferred ownership of the platform to the cooperative. SWIAT reports the platform processed more than 50 live transactions totaling over €700 million (about $808 million) across three years in production — a concrete track record that supports RL1’s institutional credibility.

Use cases and industry impact

Reducing fragmentation and enabling tokenization

RL1 aims to reduce fragmentation caused by banks running separate distributed ledgers by offering a shared, regulated layer for tokenized assets and settlement. Key use cases include central bank and commercial digital money, tokenized bonds, collateral rehypothecation, and faster settlement rails for financial institutions. The permissioned design emphasizes compliance, privacy and interoperability within regulated markets.

Leadership and next steps

Former SWIAT Managing Director Henning Vollbehr will lead RL1. Supporters such as KfW and L-Bank remain engaged, and RL1 is reportedly in talks with additional institutions, including NatWest. As banks and regulators watch, RL1 could influence how institutional crypto, tokenization and blockchain settlement evolve across Europe.