Former Signature Bank Executives Launch N3XT, a Blockchain-Based 24/7 Payments Bank

Core Insights - N3XT is a new blockchain-based bank designed for 24/7 money transfers with near-instant finality [3][4] - The bank operates under Wyoming's Special Purpose Depository Institution framework, focusing on custody of digital assets without offering lending services [5][7] Company Overview - N3XT is led by former Signature Bank founder Scott Shay and CEO Jeffrey Wallis, who previously directed digital asset strategy at Signature [5][6] - The bank utilizes a private blockchain for programmable payments and aims to provide frictionless financial transfers [6][7] Business Model - N3XT will not engage in lending; all deposits will be fully backed by cash or short-term U.S. Treasurys, with daily reserve disclosures [7] - The bank is targeting institutional clients across various sectors, including crypto, foreign exchange, and logistics [8][9] Funding and Support - N3XT has received significant backing from notable venture capital firms, including Winklevoss Capital, Paradigm, and HACK VC [8][9]