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Ten European financial institutions launch RL1 blockchain cooperative in Luxembourg

Ten European financial institutions launch RL1 blockchain cooperative in Luxembourg

The member-owned, permissioned network targets regulated tokenized markets and digital money, building on SWIAT’s production ledger as NatWest is listed to join soon and KfW prepares a blockchain bond migration test.

Fact Check
The official RL1 press release confirms every claim element: launch as a member-owned, permissioned European Cooperative Society (SCE) domiciled in Luxembourg, targeting regulated financial markets and tokenized assets/digital money/settlement, with equal decision-making rights for all members, and built on infrastructure developed by German fintech SWIAT whose network is now owned by the cooperative. The count of ten founding financial institutions is confirmed both by the RL1 release and independently by Finadium and Cointelegraph.
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Summary

Ten European financial institutions have launched Regulated Layer One, or RL1, as a Luxembourg-based European Cooperative Society for regulated tokenized markets and digital money. The founding members are ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures and Seturion, with each holding an equal vote in the cooperative’s governance and development. Former SWIAT managing director Henning Vollbehr will lead RL1. The private, permissioned network takes over the distributed-ledger infrastructure previously run by SWIAT, which remains the software supplier and technical operator. Before RL1’s July 28 launch, SWIAT’s production network had processed more than 50 transactions worth over 700 million euros. RL1 said the platform is intended for tokenized bonds, funds, real-world assets, collateral, repo transactions, securities lending and digital money, with stablecoins and commercial or central-bank money listed as potential settlement tools. NatWest is listed as joining soon, with entry expected in the coming weeks, while KfW and L-Bank are supporting expansion but are not among the 10 founding cooperative members. A key near-term test is KfW’s planned autumn migration of its 100 million euro blockchain bond registrar and ledger from Cashlink and Polygon to DekaBank and SWIAT/RL1. Broader adoption may also depend on future connectivity with the European Central Bank’s planned Pontes settlement infrastructure, which is due in the third quarter of 2026.

Terms & Concepts
  • permissioned network: A blockchain system that restricts participation to approved entities.
  • tokenized markets: Markets where financial assets are issued or represented digitally on distributed-ledger infrastructure.
  • stablecoins: Digital tokens designed to maintain a stable value, typically by referencing another asset or currency.