Deep Tide TechFlow message: On July 29, according to Cointelegraph, 10 European financial institutions jointly launched the blockchain cooperative Regulated Layer One (RL1) and have already started operations in Luxembourg in the form of a European cooperative. The network is aimed at regulated financial markets and focuses on supporting institutional applications such as digital currencies, tokenized bonds, collateral, and on-chain settlement.



RL1 uses a permissioned blockchain infrastructure developed by German fintech company SWIAT, which has transferred ownership of the network to the cooperative. RL1 said that a shared network helps reduce market fragmentation caused by financial institutions building their own distributed ledger systems.
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