Open banking platform provider, Token.io, has announced the formation of M10 Networks, a new spin out company focused on developing digital money solutions.
The firm says Silicon Valley-based M10 will focus on building out a bank-grade digital money rail that enables multinational banks to perform international money transfers, settlements and remittances instantly and at a low cost.
Until now, M10 has been incubating under the Token X moniker.
Under the plans, Steve Kirsch (pictured), Token’s founder and current chief innovation officer, will become CEO of M10. Marten Nelson, Token’s current CMO, becomes M10’s COO.
Says Kirsch: “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 we will soon be announcing our first customers.”