Overview
- N3XT settles U.S. dollar payments in real time on a private blockchain and enables programmable transactions via smart contracts.
- The bank will not lend deposits, backing every dollar one-to-one with cash or short‑term U.S. Treasuries held at unnamed custodial partners.
- Founder Scott Shay and CEO Jeffrey Wallis, both formerly of Signature Bank, say the model is designed to keep client funds fully liquid.
- Venture backers include Paradigm, HACK VC and Winklevoss Capital, with about $72 million raised across multiple funding rounds.
- N3XT has begun onboarding institutional clients across crypto, shipping and logistics, and foreign exchange with a stated pipeline of additional customers.