Blockchain bank N3XT has completed three rounds of financing totaling $72 million, with participation from Paradigm and others.

On December 6, a group of former executives from Signature Bank (which was closed in March 2023) announced the launch of a brand-new, blockchain-powered full-reserve bank aimed at providing programmable US dollar payment services. The new bank, named N3XT, holds a Wyoming SPDI (Special Purpose Depository Institution) license and enables instant settlement through a private blockchain system, allowing businesses to automate a variety of transactions via smart contracts. N3XT has completed three funding rounds totaling $72 million, with investments from Paradigm, HACK VC, Winklevoss Capital, and other venture capital firms. Unlike traditional banks, N3XT does not lend or misuse customer deposits. All deposits are fully backed 1:1 by cash or short-term US Treasury bills, with reserves disclosed daily. The leadership team includes: CEO Jeffrey Wallis, former Director of Digital Asset Strategy at Signature Bank; Scott Shay, co-founder of Signature and designer of its crypto payment system Signet, who is also a founder of N3XT.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Repost
  • Share
Comment
0/400
No comments
  • Pin
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate App
Community
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)