Back
Former Signature Bank Leaders Launch N3XT Blockchain-Based USD Payment Bank

Former Signature Bank Leaders Launch N3XT Blockchain-Based USD Payment Bank

Licensed as a Wyoming SPDI, N3XT offers full-reserve programmable USD payments with instant blockchain settlement, backed by $72M from Paradigm, HACK VC, and Winklevoss Capital.

Fact Check
The statement is overwhelmingly supported by all ten provided sources, which are both numerous and highly credible. There is a strong consensus across major international news agencies (Reuters), leading financial news outlets (Yahoo Finance, Banking Dive), and specialized crypto-industry publications (CoinDesk, Decrypt). These sources consistently and independently confirm all key elements of the statement: 1) the launch of a new entity named N3XT, 2) that it was founded by former executives from Signature Bank, with several sources specifically naming founder Scott Shay, and 3) that N3XT is a blockchain-based bank focused on U.S. dollar payments. The evidence is further strengthened by primary sources, including a LinkedIn post from a N3XT executive and a social media post from the company's official account, both confirming the launch and mission. There is no conflicting or contradictory evidence among the sources provided.
    Reference: 1
Summary

Former Signature Bank executives have announced N3XT, a blockchain-driven full-reserve bank licensed as a Wyoming Special Purpose Depository Institution (SPDI). The institution enables programmable U.S. dollar payment services with instant settlement via a private blockchain. All deposits are fully backed by cash or short-term U.S. Treasuries, with no lending activity. N3XT completed $72 million in funding from Paradigm, HACK VC, and Winklevoss Capital.

Terms & Concepts
  • Blockchain: A decentralized digital ledger technology that records transactions securely and transparently.
  • Special Purpose Depository Institution (SPDI): A Wyoming state-chartered bank designed for digital asset services, allowing full-reserve banking and specialized operations.
  • Full-reserve bank: A banking model where deposits are fully backed by cash or liquid assets, without being lent out.