Ex-Signature Bank Execs Launch Blockchain-Powered N3XT Bank Backed by Paradigm, Winklevoss
CoinDesk
Former Signature Bank executives launched N3XT Bank, a Wyoming-chartered, narrow bank offering 24/7 programmable U.S. dollar payments.Summary
A team of former Signature Bank executives, including CEO Jeffrey Wallis and co-founder Scott Shay, have launched N3XT Bank, a new financial institution operating under a Wyoming Special Purpose Depository Institution (SPDI) charter. N3XT is designed as a "narrow bank," meaning it does not lend deposits; instead, every dollar is backed one-to-one by cash or short-term U.S. Treasuries, disclosed daily. The bank utilizes a private blockchain system to settle payments instantly, enabling businesses to automate transactions via smart contracts, similar to Signature Bank's defunct Signet platform. The venture has secured $72 million in funding from investors including Paradigm, HACK VC, and Winklevoss Capital.
(Source：CoinDesk)