RL1 Blockchain Network Launched, Processing Over €700 Million in Transactions in Three Years
The Regulated Layer One (RL1) network, jointly launched by ten European financial institutions, has been established and is now operational in Luxembourg, targeting regulated financial markets and tokenized assets. Founding members of RL1 include ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion. Each member has equal decision-making rights in 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 ownership of the network to the cooperative. SWIAT stated that the platform processed over 50 transactions during its three years of production use, amounting to over €700 million. The intended uses of RL1 include digital currencies, tokenized bonds, collateral, and blockchain-based settlements. RL1 will be led by former SWIAT Managing Director Henning Vollbehr, with KfW and L-Bank continuing to support the initiative. RL1 is also in discussions with more institutions, including NatWest, about joining the network.
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