Summary
SWIAT has launched Regulated Layer One (RL1), a shared blockchain network incorporated as a European Cooperative Society in Luxembourg, with 10 founding financial institutions including ABN AMRO, DekaBank, Natixis CIB, and new members Cecabank and Crédit Mutuel Alliance Fédérale, aimed at replacing fragmented tokenization pilots with common regulated infrastructure.
Key Takeaways
Key Takeaways
- RL1 is structured as an independent European Cooperative Society in Luxembourg, separating governance from SWIAT while retaining SWIAT as the sole technology provider, a model intended to ensure neutrality across competing institutions.
- The network's founding base of 10 institutions, including major European banks across Germany, France, Spain, and beyond, signals coordinated industry commitment rather than a single-bank or vendor-led initiative.
- SWIAT's existing production network has processed over 50 transactions worth more than €700 million, giving RL1 a live operational track record rather than a greenfield starting point.
- The core challenge RL1 explicitly targets is institutional blockchain fragmentation, positioning shared interoperable infrastructure as a prerequisite for tokenized assets and blockchain-based settlement to reach meaningful scale in European capital markets.
RL1 Brings Banks Together Around a Common Digital Asset Infrastructure
European financial institutions are moving toward shared blockchain infrastructure as banks seek to scale tokenized assets beyond individual projects and fragmented pilots.
German blockchain infrastructure provider SWIAT has completed the launch of Regulated Layer One (RL1), a collaborative blockchain network designed to provide a shared infrastructure layer for regulated digital financial markets.
The network is now operating as an independent European Cooperative Society in Luxembourg, with 10 financial institutions joining as founding members.
New participants Cecabank and Crédit Mutuel Alliance Fédérale joined existing members including ABN AMRO, DekaBank, DZ BANK, LBBW, Natixis Corporate and Investment Banking, SC Ventures, Seturion, and Chartered Investment.
German development bank KfW and L-Bank will continue supporting the initiative.
Banks Shift Focus From Tokenization Experiments to Market Infrastructure
The launch reflects a broader shift in institutional blockchain adoption.
Rather than building separate tokenization platforms for individual use cases, financial institutions are increasingly looking for shared infrastructure that can support issuance, custody, settlement, and collateral management across multiple participants.
RL1 aims to address one of the biggest challenges facing institutional blockchain adoption: fragmentation.
The initiative is designed to create a neutral European blockchain layer that improves interoperability and governance while enabling financial institutions to build digital asset applications on common infrastructure.
"Going forward, RL1 will serve as the connecting infrastructure for Europe’s digital financial market, enabling participating institutions to move from isolated tokenization initiatives to an integrated, liquid, and scalable capital market ecosystem," said Henning Vollbehr, managing director of RL1.
SWIAT Remains Technology Provider as Governance Moves to Cooperative Model
While RL1 will operate independently through its cooperative structure, SWIAT will remain the network’s core technology provider.
The company will continue providing blockchain infrastructure for applications including token issuance, digital asset custody, collateral management, and other capital markets use cases.
According to SWIAT, its production-ready distributed ledger technology network has processed more than 50 transactions worth over €700 million during the past three years, forming the technological foundation for RL1.
Former SWIAT chief Henning Vollbehr has transitioned to lead RL1, while SWIAT CEO and Chief Commercial Officer Dr. Timo Reinschmidt said the launch reflects growing industry demand for shared digital market infrastructure.
"The 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," Reinschmidt said.
The Next Test: Turning Blockchain Rails Into Institutional Markets
RL1 enters a market where European banks and regulators are increasingly exploring blockchain-based settlement, tokenized securities, and digital money infrastructure.
The network plans to expand its membership and support additional institutional use cases as demand grows for tokenized assets and blockchain-based financial services.
The challenge now is moving from infrastructure creation to market adoption.
For tokenization to scale, financial institutions will need more than isolated platforms—they will need interoperable networks where assets, liquidity, and settlement systems can operate across multiple institutions.
RL1’s development signals that European banks are increasingly competing not just to issue tokenized assets, but to build the underlying infrastructure that could support the next generation of capital markets.