Token.io has launched M10 Networks, a new spin-out company focused on developing digital money solutions.

Token will continue to consolidate its Open Banking infrastructure, while M10 will focus on building out a digital money rail to help multinational banks perform money transfers, settlements and remittances instantly and at a low cost.

Until now, M10 has been incubating under the Token X moniker.

Token will continue to be led by current chief executive Todd Clyde, while founder and chief innovation officer Steve Kirsch will become chief executive of M10. Marten Nelson, Token’s current chief marketing officer, becomes M10’s chief operating officer.

Clyde commented: “The digital money standard which we have been incubating is unique and, as it emerges from the developer labs, now needs dedicated R&D to fulfil its potential.

"Now is the right time to form M10; the spin-off will enable both entities to continue to develop their core propositions in parallel and without distraction.”

Kirsch added: “Our mission is to overcome the problems related to transferring money internationally, so people worldwide can do business without friction.

"On M10, intra-bank transfers, cross-border remittances, FX, IoT payments and B2B payments can all be performed in real-time, with no counterparty risk and at a lower cost than existing rails."

M10 is already in proof-of-concept trials with several financial institutions, and the company promised it would soon be announcing its first customers.

Token will retain its offices in San Francisco, London and Berlin, while M10 is based in Silicon Valley.

In addition to Kirsch and Nelson, the research and development team who were dedicated to the digital money proposition at Token will move across to M10.

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