Three former Signature Bank executives have launched N3XT, a Wyoming‑chartered, blockchain-powered “narrow bank” designed to provide 24/7 instant U.S. dollar payments for institutional and commercial clients. N3XT opened its doors in Cheyenne under Wyoming’s Special-Purpose Depository Institution (SPDI) charter and operates as a full‑reserve, non‑lending bank, backing each dollar of deposits one‑to‑one with cash or short‑term U.S. Treasuries. The new bank is led by CEO and president Jeffrey Wallis, formerly director of digital asset/Web3 strategy at Signature, with Signature founder Scott Shay as N3XT’s founder and fellow ex‑Signature executive Kyle O’Donnell as chief information officer. The institution uses a private, permissioned blockchain to enable instant, programmable business‑to‑business payments at any time, targeting sectors like cryptocurrency platforms, shipping and logistics, and foreign exchange that require always‑on settlement and automated payment flows. Investors include prominent crypto and fintech backers such as Paradigm, Winklevoss Capital, HACK VC, and others, and the company has reportedly raised tens of millions of dollars in venture funding. N3XT’s model is positioned as a response to both the growing demand for real‑time, internet‑native dollar transfers and the regulatory and liquidity concerns highlighted by Signature Bank’s 2023 collapse, one of the largest bank failures in U.S. history. By forgoing lending and maintaining full reserves under Wyoming’s SPDI framework, N3XT seeks to reduce traditional bank run and interest‑rate risks while still integrating blockchain-based programmability into U.S. dollar payments, illustrating an emerging “narrow bank” approach at the intersection of traditional finance and crypto‑inspired infrastructure.

AI-generated background, compiled from web sources — not editorial content.

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