N3XT Launches as Full-Reserve Blockchain Bank, Backed by Crypto Heavyweights

BTCCSquare news:Former Signature Bank executives have unveiled N3XT, a blockchain-based payment bank operating on a full-reserve model. The venture, backed by Winklevoss Capital, Paradigm, and HACK VC, avoids traditional lending and instead leverages smart contracts for 24/7 instant dollar payments. Targeting crypto firms, FX traders, and logistics providers, N3XT aims to fill the void left by Signature’s collapse in March 2023. Co-founded by Signature’s founder Scott Shay and led by ex-digital asset strategist Jeffrey Wallis, the bank secured a Wyoming SPDI charter—a regulatory framework enabling global operations without deposit lending. 'We’ve built a safer, faster foundation for moving money,' Wallis declared in a December 2025 announcement. The initiative revives Signature’s legacy of crypto-friendly infrastructure while addressing its pitfalls. By combining programmable money with full-reserve safeguards, N3XT positions itself as a bridge between traditional finance and blockchain efficiency.