European Banks Launch RL1 Cooperative Blockchain Network
Ten European financial institutions, including ABN AMRO and DekaBank, launch RL1, a member-owned blockchain cooperative.
RL1, a new member-owned blockchain cooperative, has officially launched operations with backing from ten European financial institutions, as announced by the consortium.
The founding members include ABN AMRO, DekaBank, Natixis CIB, and seven other banks, though the full list has not been disclosed. The network aims to provide a shared infrastructure for blockchain-based financial services.
Cooperative Model
Unlike typical blockchain consortia, RL1 operates as a cooperative, meaning member institutions have ownership and governance rights. This structure is intended to align incentives and promote long-term collaboration.
The network will focus on use cases such as tokenized assets, digital securities, and cross-border payments, leveraging the collective expertise of European banks.
This launch adds to a growing trend of financial institutions exploring cooperative blockchain networks to reduce costs and increase efficiency, similar to initiatives like R3 and we.trade.