Former executives are creating a blockchain-based bank to transfer U.S. dollars instantly, 24/7, nearly three years after Signature Bank, a New York bitcoin bank, folded.
Signature Bank founder and former chairman Scott Shay founded N3XT. Signature’s digital asset and Web3 strategy director Jeffrey Wallis became N3XT CEO.

N3XT will operate globally without lending under a Wyoming special-purpose bank charter.

N3XT will publish its reserve holdings daily and back every dollar of deposits with cash or short-term U.S. Treasuries, unlike Signature, Wallis said. Unnamed custodial partners will hold reserves. Wyoming special-purpose banks are not required to be FDIC-insured, hence the blockchain bank is not.

“N3XT, in of itself, takes advantage of not only the technology experience that we have and the model experience we have, but also thinking about really creating a bank structure that is new and unique and very different, whereby we make our clients’ liquidity or their capital always available to them,” he said.