SWIAT, a blockchain network already operating within the European Union’s capital markets, is expanding its reach. Established by DekaBank and backed by shareholders like LBBW and Standard Chartered, SWIAT has revealed a collaborative effort with seven additional major EU financial institutions. Together, they are launching the Regulated Layer One (RL1), a shared digital ledger built upon the SWIAT platform. To date, SWIAT’s transaction volume exceeds €600 million.
RL1 mirrors the concept of other networks such as the Regulated Liability Network (RLN) in the UK and Singapore’s Global Layer One. However, while the UK’s RLN takes a broader focus on various payments, RL1 is specifically designed for applications within capital markets. This initiative is well-aligned with the EU’s vision for a unified capital market facilitated by Distributed Ledger Technology (DLT), a concept initially proposed by Piero Cipollone of the European Central Bank. The ten founding institutions that are initially working to establish RL1 are:
More information to come.
Article continues…
Interested in the full story? Pro subscribers gain access to complete articles, exclusive industry analysis, and early access to legislative developments, offering a competitive edge. Join industry leaders and get in-depth insights beyond the surface headlines.
Image Source: Ledger Insights