SWIAT, a German blockchain software development firm, has launched Regulated Layer One (RL1), a European collaborative distributed ledger technology (DLT) network designed for financial markets.
RL1, based in Luxembourg, will be organised as a European cooperative society (SCE) and initially comprise 10 participating financial institutions: ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis Corporate and Investment Banking, SC Ventures, and Seturion.
Henning Vollbehr has been appointed managing director of the SCE and will lead the initiative, a position he previously held at SWIAT.
Early members KfW and L-Bank will continue to support the establishment and expansion of the initiative.
The launch of RL1 is said to make it the largest collaborative DLT network in the financial sector, with member institutions having a variety of business models.
SWIAT says it will remain an important technology partner to RL1, which is designed and operated as an open, regulated infrastructure.
The focus for RL1 is to now search for further members, introduce additional use cases, and scale throughout Europe.
Regarding the launch, Timo Reinschmidt, CEO and chief compliance officer at SWIAT, says: “I am delighted to see so many leading financial institutions supporting the RL1 initiative.
“This strong commitment demonstrates the growing conviction across the industry that a shared, regulated digital market infrastructure is essential to unlocking the full potential of digital assets.”
Vollbehr adds: “Going forward, RL1 will serve as the connecting infrastructure for Europe’s digital financial market, enabling participating institutions to move from isolated tokenisation initiatives to an integrated, liquid, and scalable capital market ecosystem.”
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