Ten European financial institutions have jointly formed Regulated Layer One, or RL1, a blockchain cooperative built to serve regulated financial markets and tokenized assets. The founding group includes ING, Spain’s Cecabank, France’s Crédit Mutuel Alliance Fédérale, Germany’s DekaBank, DZ BANK and LBBW, France’s Natixis CIB, Standard Chartered’s SC Ventures, and Seturion, according to BlockBeats. RL1 has been set up in Luxembourg as a European cooperative, with each member holding equal governance rights. The project runs on a private permissioned blockchain based on infrastructure developed by German fintech firm SWIAT. SWIAT has transferred ownership of the network to the cooperative. RL1 is intended to support institutional use cases including digital currencies, tokenized bonds, collateral, and blockchain-based settlement, with the stated goal of reducing the fragmentation created when financial institutions operate separate distributed ledger systems.
Ten European financial institutions have jointly established Regulated Layer One, or RL1, a blockchain cooperative designed to provide infrastructure for regulated financial markets and tokenized assets, BlockBeats reported on July 29.
Founding members and structure
The founding members include ING, Spain’s Cecabank, France’s Crédit Mutuel Alliance Fédérale, Germany’s DekaBank, DZ BANK and LBBW, France’s Natixis CIB, Standard Chartered-backed SC Ventures, and Seturion.
RL1 has been registered in Luxembourg as a European cooperative, with all members holding equal governance and decision-making rights.
Network design and intended use cases
The private permissioned chain is built on infrastructure developed by German fintech company SWIAT. SWIAT has transferred ownership of the network to the cooperative.
RL1 is intended to support institutional use cases including digital currencies, tokenized bonds, collateral, and blockchain settlement. The cooperative said the setup is meant to reduce fragmentation caused by financial institutions each running their own distributed ledger systems.
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