Ten European Banks Launch Cooperative to Govern Tokenized Markets

The cooperative structure grants each founding member, including ABN AMRO, DZ BANK, and Natixis CIB, an equal vote on network governance and development. Former SWIAT managing director Henning Vollbehr will lead the entity, while SWIAT remains the primary technical operator. Although the network is already operational, its current foundation relies on the production history of the SWIAT platform, which processed over €700 million in transactions prior to the July 28 transition. The group now looks to integrate new participants, with NatWest expected to join in the coming weeks.

Practical application of the network faces a significant test this autumn when KfW migrates its €100 million blockchain bond to the RL1 infrastructure. This transition serves as a bridge toward the European Central Bank’s upcoming Pontes program, slated for 2026, which aims to link private DLT platforms with central-bank money settlement. While RL1 positions itself as the primary infrastructure for Europe’s digital financial ecosystem, its long-term viability hinges on the successful migration of existing validators and the ability to attract broader institutional adoption beyond the initial ten members.