A group of former Signature Bank leaders have launched N3XT, a blockchain-powered full-reserve bank enabling programmable US dollar payments 24/7.
Key Takeaways
- N3XT is a new full-reserve bank using blockchain to enable instant, programmable US dollar payments.
- Founded by former Signature Bank executives, N3XT operates under a Wyoming Special Purpose Depository Institution charter.
- The bank holds all deposits in cash or short-term US Treasuries, publishes reserves daily, and does not engage in lending.
- Backed by Paradigm, HACK VC, and Winklevoss Capital, N3XT has already raised $72 million and is onboarding clients.
What Happened?
Former executives of the now-defunct Signature Bank have launched a new financial institution, N3XT, aimed at transforming how businesses manage US dollar payments. Built on blockchain infrastructure, the bank operates 24/7 under a Wyoming SPDI charter and promises programmable money transfers without the risk of traditional lending.
We are excited to launch N3XT, a fully reserved, state-chartered bank built for the 24/7 digital economy.
— N3XT (@N3XTinc) December 4, 2025
No lending, no leverage, 1:1 cash and T-bills. Instant and transparent USD settlement.
The future of modern banking starts today. For more information, visit…
A New Era of Blockchain Banking
N3XT officially launched on December 4, 2025, in Cheyenne, Wyoming. The bank is structured to function as a full-reserve institution, meaning every dollar deposited is backed one-to-one with either physical cash or short-term US Treasury securities. Unlike traditional banks, N3XT does not lend out deposits, which significantly reduces the risk of liquidity shortfalls. The platform also publishes its reserve holdings daily, enhancing transparency.
At the core of N3XT’s offering is its private, permissioned blockchain system, which allows clients to execute transactions immediately, every day of the year. This system supports programmable payments, enabling businesses to automate financial operations such as supplier payments, escrow conditions, or collateral management using smart contracts.
Leadership Rooted in Experience
N3XT is spearheaded by CEO Jeffrey Wallis, former Director of Digital Asset Strategy at Signature Bank, and founder Scott Shay, who co-founded Signature and led its real-time payment network, Signet. Wallis emphasized that the experience of building Signet strongly influenced the development of N3XT, particularly its focus on 24/7 liquidity and reliability.
Wallis said:
Wallis also pointed out that N3XT’s structure addresses the critical failures that led to Signature Bank’s closure. “We do not lend against our balance sheet, so clients always have confidence that their capital is available to them and never at risk,” he explained.
Who’s Backing the Venture?
N3XT has secured $72 million in funding across three rounds, with the most recent round completed in October 2025, according to Crunchbase. The project is backed by high-profile crypto investment firms including Paradigm, HACK VC, and Winklevoss Capital, the investment vehicle of Gemini founders Tyler and Cameron Winklevoss.
These backers see N3XT as filling a gap left by Signature Bank’s shutdown, which was partly due to what regulators later called “poor management” and “rapid, unrestrained growth” with insufficient risk controls. N3XT, by contrast, aims to serve clients with rigid safeguards, no lending activity, and a transparent operational model.
Focus on Digital Asset Clients
At launch, N3XT is targeting clients in digital assets, foreign exchange, logistics, and crypto-native industries. According to Wallis, the bank already has customers onboard and a robust pipeline of clients in the onboarding process. By eliminating traditional banking hours and settlement delays, N3XT enables these clients to operate with greater efficiency and flexibility.
CoinLaw’s Takeaway
I found this launch fascinating because it shows how quickly the crypto and fintech world can rebound and innovate after regulatory setbacks. In my experience, when experienced banking professionals like Shay and Wallis apply lessons from past failures, the result is often smarter and more resilient financial systems. N3XT’s focus on full transparency, no lending, and programmable payments makes it a standout for businesses that want to move capital with confidence. It’s not just a reboot of Signet, it’s a rethinking of what a bank can be in the blockchain age.
