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

2025-12-05 16:16:47

On December 6, a group of former executives from Signature Bank (which was closed in March 2023) announced the launch of a brand-new, blockchain-powered full-reserve bank aimed at providing programmable US dollar payment services. The new bank, named N3XT, holds a Wyoming SPDI (Special Purpose Depository Institution) license and enables instant settlement through a private blockchain system, allowing businesses to automate a variety of transactions via smart contracts. N3XT has completed three funding rounds totaling $72 million, with investments from Paradigm, HACK VC, Winklevoss Capital, and other venture capital firms. Unlike traditional banks, N3XT does not lend or misuse customer deposits. All deposits are fully backed 1:1 by cash or short-term US Treasury bills, with reserves disclosed daily. The leadership team includes: CEO Jeffrey Wallis, former Director of Digital Asset Strategy at Signature Bank; Scott Shay, co-founder of Signature and designer of its crypto payment system Signet, who is also a founder of N3XT.

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