N3XT Launches as New Blockchain-Powered Full-Reserve Bank for Programmable Dollar Payments

A team of former Signature Bank executives has introduced N3XT, a blockchain-driven, full-reserve bank built to deliver instant, programmable U.S. dollar payments for institutional clients. The bank, which officially launched under a Wyoming Special Purpose Depository Institution (SPDI) charter, uses a private blockchain to settle transactions in real time and enables businesses to automate financial operations through smart contracts.

Positioning itself as a modern alternative to traditional banking, N3XT operates as a narrow bank, meaning it does not lend out customer deposits. Every dollar deposited is backed one-to-one by cash or short-term U.S. Treasuries, with daily transparency reports to enhance trust and regulatory compliance. This structure is designed to appeal to companies requiring high-liquidity, low-risk banking services—particularly those in fast-moving industries like crypto, logistics, and foreign exchange.

Leading the company is CEO Jeffrey Wallis, formerly the Director of Digital Asset Strategy at Signature Bank. He is joined by Scott Shay, Signature’s co-founder and architect of the well-known crypto payments platform Signet, which once enabled real-time settlement for major digital asset firms. N3XT aims to offer a next-generation version of that service, delivering instant settlement with programmability for tasks such as automated supplier payments, treasury functions, and collateral management—capabilities that eliminate delays caused by traditional banking hours.

N3XT has secured $72 million in funding across three investment rounds, backed by top venture firms including Paradigm, HACK VC, and Winklevoss Capital. The launch comes more than two years after Signature Bank was shut down by regulators in March 2023 due to concerns over uninsured deposits and risk controls following the collapse of Silicon Valley Bank.

With a growing client base and a “robust pipeline” of incoming customers, N3XT aims to redefine institutional banking by merging blockchain innovation with regulatory oversight to support a 24/7 global economy.