Overview
- N3XT has opened under Wyoming’s Special Purpose Depository Institution charter as a full‑reserve, non‑lending bank.
- Its private blockchain enables around-the-clock U.S. dollar settlement with programmable payments executed via smart contracts.
- Every deposit is backed 1:1 by cash or short‑term U.S. Treasuries with daily disclosures, and reserves are held at unnamed custodial partners.
- The bank is not insured by the FDIC under the SPDI framework, reflecting a different depositor protection model than traditional banks.
- Founded by Signature Bank’s Scott Shay with CEO Jeffrey Wallis, N3XT is backed by Paradigm, Winklevoss Capital and HACK VC, has raised about $72 million, and is onboarding clients in crypto, foreign exchange, shipping and logistics.