European Banks Launch RL1 Blockchain Network

A group of ten European financial institutions has officially launched RL1, a brand new member owned blockchain cooperative. Big names like ABN AMRO, DekaBank, and Natixis CIB are backing the project. The network aims to bring traditional finance closer to distributed ledger technology by working together.

Cooperative models are becoming popular among traditional banks because they share the costs and risks of adopting new technology. By pooling their resources, these institutions can build secure financial tools on the blockchain without relying on third party providers.

Traders and market watchers should keep an eye on how traditional banks adopt this new infrastructure. If RL1 proves successful, more legacy financial institutions might follow suit and launch similar networks, which could bring fresh institutional volume to the market.