Blockchain Bank N3XT has completed three rounds of financing totaling $72 million, with participation from Paradigm and others

BlockBeats News, December 6th, a group of former executives of Signature Bank (which closed in March 2023) today announced the launch of a new blockchain-driven full-reserve bank aiming to provide programmable dollar payment services. This new bank is called N3XT, holds a Wyoming SPDI (Special Purpose Depository Institution) charter, achieves instant settlement through a private blockchain system, and allows enterprises to automate various transactions through smart contracts.

N3XT has completed three rounds of fundraising totaling $72 million, with investment from several VCs including Paradigm, HACK VC, Winklevoss Capital, among others. Unlike traditional banks, N3XT does not lend or use customer deposits. All deposits are fully backed by cash or short-term US government bonds on a 1:1 basis, with daily disclosure of reserve status. The leadership team includes:

CEO Jeffrey Wallis: Former Digital Asset Strategy Director at Signature Bank;
Scott Shay: Signature Co-Founder, designer of its cryptographic payment system Signet, and also a Founder of N3XT.