RL1 launches with 10 European finance firms

Regulated Layer One, or RL1, began operations on July 28 as a Luxembourg-based European Cooperative Society owned by 10 financial institutions. Summary Ten institutions launched RL1 as a Luxembourg cooperative for regulated tokenized markets and digital money. SWIAT’s production network processed more than 50 transactions worth over €700 million before RL1’s launch. NatWest is expected to join shortly, while KfW and L-Bank continue supporting network expansion efforts. The founding group includes ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures and Seturion. Former SWIAT managing director Henning Vollbehr will lead the cooperative. RL1 now owns the underlying distributed-ledger network, while SWIAT remains its software supplier and technical operator. The launch announcement did not include a new token, public investment product or regulatory approval for a specific security. RL1 gives 10 institutions equal governance rights RL1 says each founding member has an equal vote over network governance and development. The structure includes a general assembly, a supervisory board and an operational management boa...