On December 6, a cadre of former Signature Bank executives unveiled N3XT, a blockchain-driven full-reserve bank designed to enable programmable dollar payments at scale, blending regulated custody with modern payment rails for enterprise treasuries.
Operating under a Wyoming SPDI charter, N3XT employs a private blockchain to deliver instant settlement and supports automated processes via smart contracts.
The venture has secured $72 million across three rounds from notable backers including Paradigm, HACK VC, and Winklevoss Capital, underscoring confidence in its strategic model.
Unlike traditional depositories, N3XT does not lend or rely on customer deposits; reserves are 1:1 backed by cash or short-term U.S. government securities, with daily reserve disclosures for transparency.
Leading the effort are CEO Jeffrey Wallis, formerly Signature Bank’s Digital Asset Strategy Director, and Scott Shay, Signature co‑founder and Signet designer, who anchor N3XT’s governance and execution.
Source: https://en.coinotag.com/breakingnews/n3xt-secures-72m-to-launch-us-dollar-backed-full-reserve-blockchain-bank-for-programmable-payments
