According to HashNews, former executives of Signature Bank, known for serving cryptocurrency clients, have launched a new blockchain-based bank called N3XT. The bank focuses on enabling instant, 24/7 dollar payments and was founded by Scott Shay, Signature Bank's founder and former chairman. Jeffrey Wallis, former digital assets and Web3 strategy director at Signature Bank, will serve as N3XT's CEO. Wallis stated that every dollar deposited in N3XT will be backed by cash or short-term U.S. Treasury securities, with daily reserve disclosures. The bank will not be FDIC-insured, as Wyoming special-purpose banks are not required to have FDIC coverage.
Former Signature Bank Executives Launch Blockchain-Based Bank N3XT
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