New Wyoming-Based Bank Aims to Enable Instant Settlements with Smart Contracts
Former executives of the collapsed crypto-friendly Signature Bank have launched N3XT, a blockchain-based, state-chartered bank designed to provide instannt 24-hour payments. Founded by Signature Bank’s Scott Shay, the new bank will operate under a Wyoming Special Purpose Depository Institution (SPDI) charter and focuses on programmable, real-time payments without offering traditional lending services.
Blockchain and Digital Asset Integration
N3XT uses a private blockchain to process transactions instantly enables programmable payments via smart contracts. Its systems are designed for interoperability with stablecoins, utility tokens, and other digital assets, targeting institutional clients who require fast and secure settlement across multiple asset types.
CEO and president Jeffrey Wallis, formerly Signature Bank’s director of digital asset strategy, emphasized the innovation behind the venture: “Money should move as seamlessly as information,” applying crypto principles to traditional banking functions. The bank’s reserves are reportedly backed one-to-one by cash or short-term U.S. Treasurys, with daily transparency promised for clients.
Focus on Safety and Institutional Clients
Unlike Signature Bank, which collapsed during the 2023 U.S. banking crisis, N3XT will avoid lending services, minimizing exposure to credit risk. Its initial client base includes institutions in crypto, foreign exchange, logistics, and other sectors, providing high-throughput payment solutions without traditional banking liabilities.
N3XT secured financing across three rounds from prominent investors such as Winklevoss Capital, Paradigm, and HACK VC. Alexander Pack, co-founder of HACK VC, highlighted the founders’ experience: “They previously built Signature Bank, the biggest and best bank to support the U.S. crypto industry in a regulated way… Most founders would quit, but they immediately went back to work building N3XT.”
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.