- 10 significant European financial institutions, including ABN AMRO, DekaBank, and Natixis CIB, support RL1’s establishment of a cooperative blockchain network.
- Tokenized bonds, digital currency, collateral management, and blockchain-based settlement are all supported by the RL1 blockchain, which is intended for regulated financial markets.
- By giving organizations employing different distributed ledger technologies access to a common infrastructure, the bank-owned network seeks to lessen blockchain fragmentation.
Regulated Layer One (RL1), a jointly owned blockchain cooperative intended for tokenized assets and regulated financial markets, was introduced by ten European financial institutions.
Regulated Layer One (RL1), Europe’s impartial, cooperative DLT network created especially for regulated financial markets, announced the creation of a Luxembourg-based European Cooperative Society (SCE).
RL1 Brings Banks Together For Digital Finance
With founding members including ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures, and Seturion, the group announced on Tuesday that RL1 had been established as a European Cooperative Society in Luxembourg and had started operations.
According to RL1, every member will have an equal say in how the network is governed and developed. The architecture for the private, permissioned network was created by the German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which has now given the cooperative ownership of the network.
RL1 Blockchain Processes €700 Million In Transactions As Banks Target Tokenized Finance
Over 50 transactions totaling more than 700 million euros (about $808 million) have been handled by the platform in its three years of production use, according to SWIAT.
Tokenized bonds, digital currency, collateral, and blockchain-based settlement are among the institutional use cases that the blockchain is intended to facilitate. According to RL1, the shared network could lessen the fragmentation brought on by the several distributed ledger systems utilized by financial organizations.
RL1 will be led by Henning Vollbehr, a former managing director of SWIAT. While RL1 stated it is in talks with other banks, including NatWest, about joining the network, KfW and L-Bank will continue to support the effort.
You need to login in order to Like
Leave a comment