Ex-Signature Bank Team Launches Crypto-Focused N3XT Bank in Wyoming
A new blockchain-based bank, N3XT, has emerged from the ashes of Signature Bank's 2023 collapse. Led by former Signature founder Scott Shay and digital assets director Jeffrey Wallis, the Wyoming-chartered institution will specialize in round-the-clock dollar payments while avoiding traditional lending.
N3XT's model diverges sharply from its failed predecessor. Deposits will be fully backed by cash or short-term Treasuries, with daily reserve disclosures. The bank operates without FDIC insurance—a permissible choice under Wyoming's special-purpose banking rules.
The launch signals renewed institutional interest in crypto infrastructure following Signature's implosion, which left a void in dollar payment rails for digital assets. Wallis's emphasis on transparency and conservative reserve management appears tailored to rebuild trust in post-SVB crypto banking.
