The bank says its early client roster includes businesses in crypto, foreign exchange, and logistics
Former leaders of the shuttered Signature Bank are returning to the financial sector with a new venture designed around blockchain-based payments. The group has launched N3XT, a Wyoming-chartered institution built to move money instantly and operate around the clock. The bank says its private blockchain will allow real-time settlement and programmable payments, giving institutional clients tools that traditional systems still lack.
It’s been a long time coming. Today, I am extremely excited to announce the launch of N3XT.
As CEO, I could not be prouder of the team that brought this vision to life. Together, we've built a safer, faster, more modern foundation for how businesses move money. https://t.co/TrDpVJYIo5
— Jeffrey Wallis (@jeffwallis) December 4, 2025
N3XT was founded by Signature Bank co-founder Scott Shay, whose previous institution was one of the most prominent crypto-friendly banks before its failure in 2023. Signature collapsed during the broader banking turmoil that also took down Silicon Valley Bank and Silvergate. Regulators cited poor risk management and heavy exposure to uninsured deposits when they seized the bank. The new venture appears shaped by those lessons, with a tighter business model and an emphasis on transparency.
One major shift is N3XT’s decision to avoid lending entirely. Instead, the bank will focus strictly on payments and custody-like functions, promising reserves backed one-to-one by cash or short-term U.S. Treasurys. The company says it will publish daily disclosures of its holdings, a level of reporting rarely seen in traditional banking.
The leadership team includes several Signature veterans, such as former digital asset strategist Jeffrey Wallis, who will serve as CEO and president. Wallis said the goal is to make the movement of money “as seamless as information,” pointing to stablecoin-compatible infrastructure and smart-contract features as core components.
N3XT has attracted significant backing from crypto-focused venture firms. Supporters include Winklevoss Capital, Paradigm, and HACK VC, whose co-founder praised the executives for rebuilding after Signature’s collapse.
