According to TechFlow, on December 4, Reuters reported that former executives of Signature Bank are launching a new blockchain-based bank called N3XT, focused on facilitating instant, round-the-clock US dollar payments. The bank is founded by Signature Bank co-founder and former chairman Scott Shay, with former Director of Digital Assets and Web3 Strategy Jeffrey Wallis serving as CEO.
N3XT will operate globally under a Wyoming Special Purpose Depository Institution license and will not engage in any lending activities. Every dollar deposited will be backed by cash or short-term US Treasury bonds, and the bank will publish daily updates on its reserve holdings. Unlike Signature Bank, N3XT will not have Federal Deposit Insurance Corporation (FDIC) insurance.
Wallis stated that N3XT initially plans to focus on digital asset clients, and many clients have already started the onboarding process. Signature Bank previously collapsed in March 2023.
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