N3XT has officially launched as a fully blockchain-powered bank, aiming to facilitate instant, programmable business-to-business (B2B) payments in U.S. dollars, available around the clock. The bank operates globally under a Wyoming Special Purpose Depository Institution charter and is structured as a full-reserve bank, ensuring that every dollar of deposits is backed one-to-one by cash or short-term U.S. Treasuries. N3XT commits to transparency by publishing its reserve holdings daily.
Jeffrey Wallis, CEO and President of N3XT, emphasized the innovative approach the bank is taking. “We’re applying crypto innovations to banking to deliver instant, programmable payments for institutional clients,” Wallis stated. He highlighted that the platform provides businesses with the control and reliability necessary to thrive in a 24/7 global economy.
Innovative Technology for Seamless Transactions
Built on a private, permissioned blockchain, N3XT utilizes an application programming interface (API)-first architecture. This allows for immediate settlement of transactions without depending on external financial institutions for payment clearance. The bank’s platform also supports the use of smart contracts, enabling businesses to program payments that execute automatically when specified conditions are met. This integration aims to streamline operations for clients significantly.
N3XT’s blockchain environment is designed to be interoperable with various digital assets, including stablecoins and utility tokens. This flexibility is intended to enhance the overall utility of the bank’s services, catering to the evolving needs of businesses in a rapidly changing financial landscape.
Alana Palmedo, managing partner of Paradigm—one of N3XT’s investors—commented on the transformative nature of the financial system. “The financial system is being rewired to be internet native, 24/7/365 and global,” Palmedo remarked. “N3XT’s blockchain-powered bank embodies that shift, and we’re proud to back them as they establish a new standard for how dollars move globally.”
Support from Industry Leaders
The bank has garnered support from several notable investors, including Hack VC. In a post on X, the firm expressed enthusiasm for N3XT’s launch, highlighting its straightforward approach: “Hold cash and T-bills, settle fast, and keep things transparent. The future of banking should feel this straightforward!”
Alexander Pack, co-founder and managing partner of Hack VC, praised N3XT’s founders, Scott Shay and Jeff Wallis, for their resilience. He noted, “They previously built Signature Bank, the biggest and best bank to support the US crypto industry in a regulated way, before the last administration forced them to shut down.” Pack commended their determination to continue innovating rather than stepping back after such a setback.
As N3XT begins its operations, it aims to redefine the banking experience for businesses by leveraging blockchain technology. The launch marks a significant milestone in the evolution of financial services, blending traditional banking principles with modern digital capabilities. With a commitment to transparency and efficiency, N3XT is poised to make a substantial impact in the B2B payments sector.
