Former Signature execs open blockchain-based bank for instant payments

A group of former Signature Bank executives has launched a blockchain-based bank to offer instant payments.

Scott Shay, Signature’s former chairman, is one of the founders of N3XT, along with Jeffrey Wallis, who was the New York bank’s director of digital asset and Web3 strategy. The other founders are Aurélien Bonnel and Kyle O’Donnell.

Wallis is the bank’s president and CEO.

N3XT will operate under a Wyoming special-purpose bank charter. It will not engage in lending activities.

“N3XT is advancing a new era of instant payments — one that empowers all B2B businesses to transact with confidence,” the group says on the company’s website.  Our long-term vision is to modernize payments across the financial system, making the next generation of digital banking safe, easy, and lightning fast.”

Investors include Paradigm, Pharsalus, HACK VC, Reciprocal Ventures, Winklevoss Capital, Future Perfect Ventures, Potenza Capital and Jesselson Capital.

Signature had $110 billion of assets when it was closed by regulators in March 2023.