Ex-Signature Bank Execs Launch Blockchain-Powered Narrow Bank N3XT

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Source: CryptoNewsNet Original Title: Ex-Signature Bank Execs Launch Blockchain-Powered Narrow Bank Backed by Paradigm, Winklevoss Original Link: A group of former executives of Signature Bank, the crypto-friendly bank shuttered in March 2023, announced the launch of a new blockchain-powered, full-reserve bank aiming to offer programmable U.S. dollar payments.

Dubbed N3XT, the bank operates under a Wyoming Special Purpose Depository Institution (SPDI) charter, settles payments instantly using a private blockchain system and allows businesses to automate transactions via smart contracts.

Unlike traditional banks, N3XT does not lend out deposits. Instead, it’s a so-called “narrow bank” where every dollar is backed one-to-one by cash or short-term U.S. Treasuries and is disclosed daily.

At the helm is CEO and president Jeffrey Wallis, who was the former Director of Digital Asset Strategy at Signature Bank. Scott Shay, Signature’s co-founder and the creator of its crypto payments platform Signet, also serves as N3XT’s founder.

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GateUser-beba108dvip
· 12-04 21:28
Ha, the Sig team is at it again, this time with N3XT, backed by Paradigm and the Winklevoss twins. Looks pretty serious. --- It’s the same narrow bank playbook again. How far they’ll go depends on how regulators respond. --- Honestly, if these former execs can really learn from Sig’s lessons, that would already be impressive. --- Paradigm betting on this is a strong vote of confidence, but the crypto banking path is a tough one. --- Blockchain-powered narrow bank? Sounds sophisticated, but who knows how it’ll actually turn out.
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TradFiRefugeevip
· 12-04 21:25
The people from Sig Bank are stirring things up again, this time directly playing with a blockchain narrow bank... To be honest, I'm kind of looking forward to what they'll do. --- Paradigm and Winklevoss backing? Looks like they're really serious this time. --- Another "ex-traditional finance" story, let's see if they can survive the next regulatory storm. --- Shut down in 2023 and now launching something new already, that's pretty fast. --- Blockchain narrow bank sounds good, but banks... the risks are still quite high.
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RooftopVIPvip
· 12-04 21:18
It's this group again. Even if Sig Bank collapses, for them to make a comeback, just imagine how much funding it would take...
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