A team of former executives from Signature Bank, the crypto-friendly institution closed by U.S. regulators in March 2023, has unveiled N3XT, a new blockchain-driven full-reserve bank built to modernize U.S. dollar payments for businesses.
The institution officially launched on Thursday under a Wyoming Special Purpose Depository Institution (SPDI) charter, a regulatory license tailored for blockchain-based financial firms.
N3XT is designed around private blockchain infrastructure, enabling instant settlement of transactions and allowing companies to automate payments through smart contracts.
The bank operates 24/7, offering programmability and real-time movement of funds, features that traditional banking systems often struggle to support due to legacy settlement structures.
Leadership and Vision
Leading the new institution is Jeffrey Wallis, CEO and president of N3XT, who previously served as Signature Bank’s Director of Digital Asset Strategy.
He is joined by Signature co-founder Scott Shay, the architect behind Signet, Signature’s widely used crypto payment platform. Together, they aim to reintroduce some of the functionality Signature once provided, but with a completely different risk framework.
Operational Model and Transparency
Unlike conventional banks, N3XT will not lend customer deposits. Instead, it will operate as a narrow bank, meaning every deposit is backed one-to-one by cash or short-term U.S. Treasuries.
The bank says it will publish daily disclosures of its reserve holdings to ensure transparency and build trust with institutional clients. By avoiding lending and credit exposure, N3XT removes many of the vulnerabilities that contributed to recent banking failures.
Strategic Objectives
Wallis said the goal is to merge the precision of blockchain technology with a conservative balance-sheet model. “We’re applying crypto innovations to banking to deliver instant, programmable payments for institutional clients,” he noted. “Our platform gives businesses the control and reliability they need in a 24/7 global economy.”
With its focus on speed, automation and transparency, N3XT aims to offer a modern alternative to traditional payment rails, one built for companies operating in fast-moving digital and global markets.
Payment Platform Integration
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