CHEYENNE, Wyo.–(BUSINESS WIRE)–N3XT, a new bank built on blockchain technology to leverage revolutionary innovation in finance, officially launched today, allowing customers to make instant, programmable business-to-business payments in US dollars at any time of the day.
Global finance and banking hours are no longer compatible. Businesses should be able to transfer money anytime, anywhere in the world. However, traditional B2B payments can take days to clear, tying up working capital and increasing reliance on credit. N3XT identified weaknesses in the traditional banking system and applied lessons from the crypto industry to eliminate friction in the global payments system.
“Money should flow as easily as information,” said Jeffrey Wallis, CEO and president of N3XT. “We apply crypto innovations to the banking industry to deliver instant, programmable payments to institutional clients. Our platform provides businesses with the control and reliability they need in a 24/7 global economy.”
“The financial system is being rewired to be Internet-enabled, 24/7/365 and globally,” said Alana Palmedo, managing partner of Paradigm, an investor in N3XT. “N3XT’s blockchain-based bank embodies this change and we are proud to support it as it sets a new standard for how dollars flow globally.”
How it works
N3XT is built on a private, permissioned blockchain that can settle transactions immediately without relying on outside financial institutions to make payments. Businesses across all industries that join the N3XT platform can use smart contracts to schedule payments to execute and settle when certain conditions are met. N3XT’s API-first architecture can be integrated directly into customer operations.
Integrate Crypto. Dollar banking.
N3XT’s blockchain environment is designed for interoperability with stablecoins, utility tokens, and other digital assets. Crypto market participants can schedule payments on the N3XT platform to execute automatically based on market conditions. For example, clients can automate deposits into their collateral accounts when markets fall and withdraw dollars when markets rise, freeing up their working capital to invest in other areas of the business.
This architecture enables programmability, auditability, and speed while maintaining control and regulatory compliance. It provides a regulated framework at the intersection of defi and traditional finance, allowing crypto-native businesses to bank in US dollars and access the traditional financial system.
Enabling global trade with less reliance on credit
In global commerce, buyers and sellers often rely on letters of credit that require approval for payment during normal business hours. A business shipping goods from Manila to Perth may wait days for payment to be approved, creating counterparty risk and credit dependency.
With N3XT, buyers can schedule payments to run automatically after confirming delivery of goods. Payment for shipping from Manila to Perth is settled immediately. Buyers benefit from peace of mind and reduced transaction costs. Sellers benefit from lower fees and immediate access to capital to reinvest in their business.
Getting started with a proven model
N3XT launches with inaugural clients in crypto, transportation and logistics, foreign exchange and other sectors, as well as a strong pipeline. The company has raised three rounds of funding from leading investors including Paradigm, Pharsalus, HACK VC, Reciprocal Ventures, Winklevoss Capital, Future Perfect Ventures, Potenza Capital and Jesselson Capital.
Fully Reserved, Fully Regulated Bank
N3XT is a full reserve bank: every dollar of deposit is backed one-for-one by cash or short-term U.S. Treasury bills, making N3XT the first “narrow bank” in the United States. The bank does not lend and publishes its reserves daily. It operates globally under the charter of a Wyoming special purpose depository institution and is regularly examined by state banking authorities.
Management team
Jeffrey Wallis, CEO and President: With more than two decades of experience in regulated banking and financial services, Jeffrey has guided organizations through rapid growth, digital transformation and evolving regulatory landscapes. He previously served as Director of Digital Assets and Web3 Strategy at Signature Bank.
Scott Shay, founder: Scott was a founder of Bank United of Texas, Merrick Bank and Signature Bank, as well as a founding director of Ranieri Partners, Super Derivatives, Shellpoint Mortgage, Home Partners of America and Elah Funds. Scott was also the creator of Signet, the first 24/7 blockchain-enabled banking money transfer system that saw huge success and popularity within the compliant crypto industry.
Aurélien Bonnel, Technical Director: Aurélien oversees the strategy and development of N3XT’s digital platform and infrastructure. He has spent over 14 years developing secure and scalable systems, notably at Tassat Pay and Deutsche Bank. It creates seamless, real-time payment and asset transfer experiences for consumers and businesses.
Tiffiney Peterson, CFO: A seasoned executive with over 28 years of experience in the banking industry, including 26 years at Merrick Bank, where she played a central role in its growth to over $7 billion in assets. Tiffiney develops and leads all aspects of the reporting and operational accounting functions at N3XT.
Kyle O’Donnell, news director: Kyle has over 20 years of experience as a seasoned IT leader. He specializes in infrastructure, development operations, information security, blockchain and data analytics for regulated banks. Prior to N3XT, he served as Vice President of Technology, Digital Asset Solutions at Signature Bank.
Amanda Ortega, Chief Compliance Officer and Bank Secrecy Act Officer: Amanda has over two decades of experience in the banking industry and is a true regulatory compliance expert, specializing in US banking regulations and blockchain financial infrastructure. Previously, she served as Deputy Commissioner of Banks and Chief Bank Examiner at the Wyoming Division of Banking.
Tom Curley, Customer Service Manager: With nearly two decades of experience leading fintech startups from seed to growth phases, Tom builds global customer onboarding and onboarding teams, ensuring seamless customer adoption. He most recently served as Customer Integration Manager at GLMX Technologies.
Viviane Sabat, Director of Strategic Partnerships and Growth: A seasoned payments leader with over 17 years of experience defining the future of B2B payments, Viviane previously served as Senior Vice President of Global Commerce at Mastercard, after holding senior roles at American Express and McMaster-Carr.
About N3XT
N3XT is a 21st bank of the century built on blockchain technology that facilitates programmable business-to-business payments in US dollars instantly worldwide, at any time of the day. We believe money should flow as easily as information, across any platform or border, transparently and without delay. Our mission is to free up money by making payments programmable and immediate.
N3XT is advancing a new era of instant payments that allows businesses to transact with confidence. With a long-term vision to modernize the financial system, we are building digital banking services that are secure, simple and lightning fast.
For more information, visit www.n3xt.io
