Overview
- N3XT operates as a narrow bank that does not lend deposits and backs every dollar one-to-one with cash or short-term U.S. Treasuries, publishing reserve holdings daily.
- The institution is not covered by FDIC insurance, and its reserves will be held with custodial partners that the company has not identified.
- Payments settle on a private blockchain with smart contracts, enabling instant, programmable U.S. dollar transfers around the clock.
- Founder Scott Shay and CEO Jeffrey Wallis, both former Signature Bank executives, are leading the launch drawing on their prior real-time payments experience.
- Venture backers include Paradigm, HACK VC and Winklevoss Capital, with $72 million raised across three rounds per CoinDesk citing Crunchbase, and the firm says onboarding has begun for crypto and other institutional clients including shipping, logistics and foreign exchange.