Former executives from the shuttered Signature Bank are making a comeback with N3XT, a Wyoming-chartered blockchain bank designed to facilitate instant payments around the clock. The venture represents a bold attempt to revive crypto-friendly banking services following the regulatory turbulence that claimed their previous institution in 2023.
In a striking return to the financial sector, former Signature Bank executives have unveiled N3XT, a blockchain-powered banking platform that promises to deliver 24/7 institutional payment services. The launch marks a significant comeback for veterans of one of crypto's most prominent banking casualties during last year's regional banking crisis.
N3XT has secured a charter in Wyoming, a state that has positioned itself as America's most crypto-friendly jurisdiction through progressive digital asset legislation. The fully reserved blockchain bank is specifically designed to cater to institutional clients seeking real-time settlement capabilities that transcend traditional banking hours—a feature that has long been demanded by the digital asset industry.
The timing of N3XT's launch is particularly noteworthy given the dramatic collapse of Signature Bank in March 2023. Regulators seized the New York-based institution amid broader banking sector turmoil, though many in the crypto community viewed the closure as politically motivated given Signature's prominent role in serving digital asset businesses. The bank's Signet platform had been a cornerstone for crypto firms needing reliable banking infrastructure.
By establishing operations in Wyoming rather than traditional financial centers, N3XT's founders are making a strategic choice that signals both regulatory pragmatism and ideological alignment. Wyoming's Special Purpose Depository Institution (SPDI) framework allows banks to operate with full reserves while serving digital asset clients—addressing one of the key concerns that plagued previous crypto-banking relationships.
The fully reserved model is particularly significant, as it means N3XT won't engage in fractional reserve lending. This approach prioritizes stability and instant liquidity over profit maximization through traditional banking activities, directly addressing concerns that contributed to recent banking failures.
For institutional clients, N3XT's 24/7 settlement capability could prove transformative. Traditional banking infrastructure operates on business-day schedules, creating friction for markets that trade continuously. By leveraging blockchain technology, N3XT aims to eliminate these temporal barriers, potentially attracting treasury operations, trading firms, and crypto-native businesses seeking seamless fiat-to-digital integration.
Whether N3XT can succeed where Signature ultimately failed remains an open question, but the venture demonstrates that demand for crypto-friendly banking services remains robust despite recent industry challenges.