The former executives of Signature Bank, a closed, crypto-friendly bank, are back with a new business built around permanent settlement.
Key points to remember:
- N3XT is a fully serviced, Wyoming-licensed blockchain bank designed for institutional clients.
- The bank uses a private blockchain with programmable smart contract payments and will not offer loans.
- N3XT has secured support from major crypto investors including Winklevoss Capital, Paradigm and HACK VC.
Their new institution, N3XT, is a state-licensed, blockchain-based bank designed to transfer money around the clock, with near-instant finality.
N3XT Unveils 24/7 Payments Platform Built on a Private Blockchain
Announced on Thursday, N3XT says it will run on a private blockchain that will allow transactions to take place 24 hours a day.
The platform supports programmable payments through smart contracts and is designed to work with stablecoins, utility tokens and other digital assets.
The institution will operate under Wyoming’s Special Purpose Depository Institutions framework, a charter that allows fully ring-fenced, loan-free banks to hold digital assets.
The effort is led by Signature Bank founder Scott Shay, whose former institution was one of three crypto-related banks that collapsed during the 2023 banking crisis.
Signature, alongside Silicon Valley Bank and Silvergate, fell after deposit outflows accelerated and market confidence faded.
The Federal Deposit Insurance Corporation seized Signature in March 2023, citing liquidity pressures, concentration risks and a rapid flight of large uninsured depositors.
N3XT’s leadership includes another Signature veteran, Jeffrey Wallis, the bank’s former director of digital assets and Web3 strategy. Wallis will serve as CEO and president. He said the new institution is built around the idea that financial transfers should be as seamless as sending digital information.
“We are applying crypto innovations to the banking industry to deliver instant, programmable payments to institutional clients,” Wallis said.
To avoid the vulnerabilities that contributed to Signature’s downfall, N3XT will not offer loans. The bank says all deposits will be individually collateralized by cash or short-term U.S. Treasury bills, with daily reserve disclosures.
This structure reflects elements of stablecoin issuers, while maintaining the institution within the framework of a regulated banking charter.
The company currently integrates businesses across multiple industries, including crypto, foreign exchange, shipping, logistics, and other industries that rely on continuous settlement.
N3XT has received notable support from the business community. The company has completed three funding rounds with support from Winklevoss Capital, Paradigm and HACK VC.
HACK co-founder Alexander Pack wrote on
European banking giants unite to launch Euro Stablecoin
As reported, ten of Europe’s largest banks have formed a consortium to issue a euro-backed stablecoin by mid-2026, marking the region’s strongest attempt to combat the dominance of the US dollar in digital finance.
The group, which includes BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank and others, has created an Amsterdam-based entity, Qivalis, to develop a MiCA-compliant digital payment instrument.
Euro-denominated stablecoins remain negligible today, accounting for just $649 million compared to a market almost entirely controlled by dollar-pegged tokens.
Qivalis has assembled a strong management team as it progresses through regulatory approvals. Former Coinbase Germany chief Jan-Oliver Sell will serve as CEO, while ING veteran Floris Lugt will serve as CFO.
The group has already applied for an electronic money institution license from the Dutch Central Bank and says more European lenders could still join the initiative.
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