Ex-Signature Bank execs launch blockchain-powered bank N3XT
Former Signature Bank executives have launched N3XT, a new state-chartered bank using a private blockchain for instant, programmable 24-hour payments.Summary
A team of former executives from the collapsed crypto-friendly Signature Bank has launched N3XT, a new blockchain-powered, state-chartered bank aiming to facilitate instant, 24-hour payments using a private blockchain and smart contracts for programmable transactions. N3XT, founded by Signature Bank founder Scott Shay, will operate under a Wyoming Special Purpose Depository Institution (SPDI) charter and explicitly avoids offering lending services. The bank's systems are designed for interoperability with stablecoins and other digital assets, and it promises that its reserves will be backed one-to-one by cash or short-term US Treasurys, with daily reserve disclosures. Jeffrey Wallis, Signature Bank’s former director of digital asset and Web3 strategy, will serve as N3XT's CEO and President. The venture has secured funding from crypto venture capital firms including Winklevoss Capital, Paradigm, and HACK VC.
(Source：Cointelegraph)