Derived from Chaincatcher, former executives of Signature Bank are launching a blockchain-based bank named N3XT, focusing on instant, 24/7 dollar payments. Founded by Scott Shay, the former founder and chairman of Signature Bank, and led by Jeffrey Wallis, the former digital assets and Web3 strategy director as CEO, N3XT will operate globally under a Wyoming special-purpose bank license. The bank will not engage in lending, with each dollar deposit backed by cash or short-term U.S. Treasury securities and daily reserve disclosures. Unlike Signature Bank, N3XT will not offer FDIC insurance. Wallis noted that the bank will initially target digital asset clients, with many already in the onboarding process. Signature Bank collapsed in March 2023.
Signature Bank Former Executives Launch Blockchain-Based Bank N3XT
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