SKN | Former Signature Bank Executives Launch Blockchain Banking Venture

The U.S. banking landscape is seeing a new wave of digital innovation as three former Signature Bank executives launch N3XT, a blockchain-powered institution built for instant business payments. The bank, headquartered in Cheyenne, Wyoming, aims to modernize how companies move money by using technology traditionally associated with cryptocurrency markets. For investors, regulators, and customers, the move highlights the growing intersection between blockchain, digital banking, and traditional financial services.

A New Type of Bank for a Real-Time Economy

N3XT operates under Wyoming’s special-purpose depository institution (SPDI) charter — a relatively new regulatory framework designed for banks that deal with digital assets. Unlike traditional lenders that earn interest on loans, N3XT is a full-reserve bank, meaning every customer deposit is backed 1:1 by cash or short-term Treasurys. This model reduces credit risk and aims to provide customers with faster, more predictable access to funds.

The bank specializes in 24/7 blockchain-based business-to-business payments, enabling companies in sectors like foreign exchange, logistics, and cryptocurrency to transfer funds instantaneously. These payments often settle faster than traditional banking rails, which can be slowed by cut-off times, weekends, or international processing delays.

How Blockchain Changes Banking

Blockchain technology allows financial institutions to process programmable, real-time payments with high transparency and security. For businesses that manage large and frequent transfers, delays can affect liquidity, credit usage, and interest rate costs. N3XT’s platform aims to streamline these processes, offering digital banking tools that reduce friction and increase reliability.

CEO Jeffrey Wallis described the mission simply: “Money should move as seamlessly as information.” By leveraging blockchain rather than conventional payment systems, N3XT is positioning itself as a next-generation alternative to traditional checking account infrastructures.

Leadership Rooted in Banking and Digital Assets

The bank is led by executives with deep experience in both finance and digital innovation. Founder Scott Shay is launching his fourth bank after previously founding Signature Bank — once a major institution serving crypto clients before its 2023 collapse. Wallis and CIO Kyle O’Donnell both previously shaped Signature’s digital asset strategy, giving them insight into what worked — and what went wrong — for crypto-adjacent banks.

N3XT has also attracted high-profile investors including Paradigm, Winklevoss Capital, and HACK VC, all of whom see blockchain as a critical part of the future credit and payment system.

What This Means for the Future of Financial Services

Blockchain banking may signal a broader shift toward 24/7 financial infrastructure that supports immediate transactions, programmable payments, and improved liquidity management. As interest rates, deposits, and digital payment volumes evolve, more institutions may consider similar models to compete.

Closing Insights

N3XT’s launch reflects a financial sector undergoing structural change. As businesses demand faster settlement, safer digital banking tools, and innovative ways to manage cash flow, blockchain-enabled banks may serve as a blueprint for the future. Over the next decade, institutions that blend regulatory compliance with cutting-edge technology will likely shape the next wave of payment innovation and global money movement.

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