[Former Signature Bank Executives Establish Blockchain Bank N3XT]
Nearly three years after the collapse of Signature Bank, its former executives have founded a new blockchain-based bank, N3XT, focusing on enabling instant, round-the-clock USD payments. N3XT was established by Signature Bank founder and former chairman Scott Shay, with Jeffrey Wallis serving as CEO. Wallis previously held the role of Director of Digital Assets and Web3 Strategy at Signature Bank. Wallis stated that every dollar deposited in N3XT will be backed by cash or short-term U.S. Treasury bonds, with daily disclosures of reserve holdings. The reserves will be held with custody partners, though specific institutions were not disclosed. N3XT will not be insured by the Federal Deposit Insurance Corporation (FDIC), as Wyoming special-purpose banks are not required to obtain FDIC insurance.
