US EditionFormer Signature Bank Executives Launch Blockchain-Based Bank
N3XT offers 24/7 instant B2B payments with a full-reserve model, targeting cryptocurrency, shipping, and foreign exchange sectors, backed by notable investors including Winklevoss Capital.
- On Thursday, three former Signature Bank executives, including Scott Shay, launched N3XT in Cheyenne as a Wyoming-chartered SPDI enabling 24/7 instant blockchain payments.
- After Signature Bank's March 2023 seizure, founders designed N3XT with a structure distancing it from Signature's overreliance on uninsured deposits and cited `poor management`.
- The bank will operate a full-reserve, non-lending model to keep client funds liquid, with every deposit backed one-to-one by cash and short-term U.S. Treasuries and reserves held by outside custodial partners, Jeffrey Wallis said, noting N3XT will not have FDIC insurance like other SPDIs.
- The bank is prioritizing digital asset firms and already reports clients from crypto, shipping, logistics, and foreign exchange sectors, with many clients onboarding for a stable payments platform.
- Investors including Paradigm and Winklevoss Capital say N3XT embodies a shift to internet-native, 24/7/365 dollar transfers, backed by founder Scott Shay's experience growing Signature to $110 billion assets.
20 Articles
20 Articles
Former Signature Bank executives launch blockchain-based bank
Former Signature Bank executives are launching a new blockchain-based bank focused on facilitating instant, around-the-clock U.S. dollar payments, nearly three years after the collapse of the New York-based bank known for serving cryptocurrency clients.Read MoreThe post Former Signature Bank executives launch blockchain-based bank first appeared on The Who Dat Daily.
Former Signature Execs Unveil Full-Reserve Blockchain Bank » News.ng
A group of former Signature Bank executives has launched a new blockchain-powered institution called N3XT, describing it as a full-reserve bank designed for round-the-clock, instant business payments. The move comes nearly two years after Signature Bank’s dramatic shutdown in March 2023, a collapse that shook confidence across the crypto-friendly banking sector. With N3XT, its founders say they want to rebuild the parts of Signature’s infrastruc…
Ex-Signature Bank execs launch blockchain-powered bank N3XT - WorldNL Magazine
A group of former executives from the collapsed crypto-friendly Signature Bank has launched a new blockchain-based, state-chartered bank called N3XT, with the goal of enabling instant 24-hour payments.N3XT said on Thursday that it aims to settle payments instantly at any time using a private blockchain and offers programmable payments through smart contracts. The company added that its systems have been designed for interoperability with stablec…
New Crypto Bank Launches In The US - CEO's Remarks And Contrasts With Signature Bank – #CryptoUpdatesGNIT
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure A new player has emerged in the world of cryptocurrency banking, with a team of former executives from the collapsed Signature Bank at the helm. The establishment of N3XT comes nearly three years after Signature Bank’s downfall in March 2023, which significantly impacted the crypto industry. Former Signature Bank Leaders Establish N3XT According t…
Coverage Details
Bias Distribution
- 75% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
