The bank operates globally under a Wyoming Special Purpose Depository Institution charter, is a full-reserve bank with every dollar of deposits backed one-to-one by cash or short-term U.S. Treasuries, and publishes its reserve holdings daily, N3XT said in a Thursday (Dec. 4) press release.
“We’re applying crypto innovations to banking to deliver instant, programmable payments for institutional clients,” N3XT CEO and President Jeffrey Wallis said in the release. “Our platform gives businesses the control and reliability they need in a 24/7 global economy.”
Built on a private, permissioned blockchain and with application programming interface (API)-first architecture, N3XT can settle transactions immediately without relying on outside financial institutions to clear payments, enables businesses to use smart contracts to program payments to execute and clear when conditions are met, and can be integrated directly into client operations, according to the release.
The company’s blockchain environment is designed for interoperability with stablecoins, utility tokens and other digital assets, per the release.
Alana Palmedo, managing partner of Paradigm, an investor in N3XT, said in the release that that the financial system “is being rewired to be internet native, 24/7/365 and global.”
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“N3XT’s blockchain-powered bank embodies that shift and we’re proud to back them as they establish a new standard for how dollars move globally,” Palmedo said.
Another backer of N3XT, Hack VC, said in a Thursday post on X: “Cheering on N3XT as they launch today. We were early investors in this team, the same builders who created Signet, and they are picking up where they left off with a simple idea: hold cash and T-bills, settle fast, and keep things transparent. The future of banking should feel this straightforward!”
Alexander Pack, co-founder and managing partner of Hack VC, wrote in a Thursday post on X that Hack is proud to support N3XT as it comes out of stealth mode.
“N3XT’s founders, Scott [Shay] and Jeff [Wallis], are forces of nature: they previously built Signature Bank, the biggest and best bank to support the US crypto industry in a regulated way, before the last administration forced them to shut down,” Pack wrote. “Most founders would quit after something like that, but instead they immediately went back to work building N3XT.”
