[DigitalToday reporter Chi-gyu Hwang (황치규)] Ten European financial institutions have begun operating RL1, a joint blockchain network targeting regulated financial markets and tokenised assets.
According to a recent Cointelegraph report, RL1 was established in Luxembourg as a European cooperative and launched as a jointly owned venture by its member firms.
Founding members are ABN Amro, SEB, Chartered Investment, Credit Mutuel Alliance Federale, DekaBank, DZ Bank, LBBW, Natixis CIB, SC Ventures and Centurion. Each member has equal decision-making rights over network governance and overall development.
RL1 is a private permissioned network based on infrastructure developed by German fintech SWIAT. SWIAT transferred ownership of the network to the cooperative.
The network was designed to support institutional uses such as digital money, tokenised bonds, collateral and blockchain-based payments. It also set a goal of reducing fragmentation that arises when financial institutions each operate separate distributed ledger systems.
Chi-gyu Hwang
delight@d-today.co.kr