On December 6, a group of former executives from Signature Bank (which closed in March 2023) announced the launch of a new, blockchain-powered full reserve bank designed to provide programmable dollar payment services. The new bank, named N3XT, holds a Wyoming SPDI (Special Purpose Depository Institution) license, enables instant settlement through a private blockchain system, and allows businesses to automate various transactions via smart contracts.
N3XT has completed three rounds of financing totaling $72 million, receiving investment from Paradigm, HACK VC, Winklevoss Capital, and other VCs. Unlike traditional banks, N3XT does not lend money or misappropriate customer deposits. All deposits are fully backed 1:1 by cash or short-term U.S. Treasury bonds, and reserves are disclosed daily. The leadership team includes:
CEO Jeffrey Wallis: Former Director of Digital Asset Strategy at Signature Bank;
Scott Shay: Co-founder of Signature, designer of its encrypted payment system Signet, and founder of N3XT.
