RL1 blockchain cooperative launches with 10 European financial institutions
In brief
- RL1 launched as European Cooperative Society in Luxembourg with 10 founding financial institution members
- Network supports digital money, tokenized bonds, collateral and blockchain-based settlement use cases
- Equal governance rights for all members; Henning Vollbehr leads the initiative
- SWIAT fintech developed infrastructure and processed 50+ transactions worth €700 million
- RL1 in discussions with additional institutions including NatWest for membership
Member-Owned Governance Model
RL1's founding members include ABN AMRO, Cecabank, Chartered Investment, Crédit Mutuel Alliance Fédérale, DekaBank, DZ BANK, LBBW, Natixis CIB, SC Ventures and Seturion. The cooperative structure ensures that each member has equal decision-making rights over the network's governance and development. This model differs from traditional blockchain ventures where control concentrates among founders or token holders.
The infrastructure underpinning RL1 was developed by German fintech Secure Worldwide Interbank Asset Transfer (SWIAT), which has transferred ownership to the cooperative. During three years of production use, SWIAT's platform processed more than 50 transactions worth over 700 million euros (about $808 million), demonstrating the infrastructure's operational maturity before the cooperative transition.
Leadership and Expansion
Former SWIAT Managing Director Henning Vollbehr will lead RL1. Development banks KfW and L-Bank continue supporting the initiative, signaling institutional backing beyond the founding members.
The cooperative isn't limiting membership to its current roster. RL1 is in discussions with additional institutions, including NatWest, about joining the network. This expansion phase reflects confidence that the cooperative model can attract major financial players seeking blockchain infrastructure for institutional workflows.
