What if your bank behaved more like the internet than a nine‑to‑five utility—moving dollars with the same speed and programmability as data, without the balance‑sheet risk that fueled the last regional bank crisis?
On December 4, 2025, three former Signature Bank executives unveiled N3XT Bank, a tech‑driven blockchain bank headquartered in Cheyenne, Wyoming, designed from the ground up for instant business-to-business payments and institutional money flows. Instead of offering another flavor of traditional cryptocurrency banking, N3XT is effectively proposing a new operating system for digital payments and institutional banking.
At its core, N3XT bank is a full-reserve banking institution operating under a Wyoming special-purpose depository institution (SPDI) bank charter. Every dollar of deposits is backed one-to-one by cash or short-term Treasuries, and the bank does not lend—an intentional departure from fractional-reserve models that proved fragile during the 2023 regional bank crisis. In practical terms, you are not trusting a leveraged balance sheet; you are accessing a regulated payments utility with transparent reserves.
The bank's value proposition is simple but radical: institutional clients can move U.S. dollars using blockchain technology with instant payments that settle 24/7, globally, and programmatically. For sectors like cryptocurrency, shipping and logistics, and foreign exchange, that means cash flows can finally match the speed of modern supply chains and markets. Instead of waiting days for cross‑border approvals, you can orchestrate business-to-business payments that clear in near real time, any hour of the day.
Behind N3XT is a leadership team that blends legacy banking experience with digital asset solutions and Web3 strategy:
- Scott Shay, the Signature Bank founder, is now the architect of his fourth institution after Bank United of Texas (Houston, 1988, later sold to Washington Mutual), Merrick Bank (Draper, Utah) and Signature itself, which he grew to roughly $110 billion in assets before its collapse in 2023.
- Jeffrey Wallis, former director of digital asset and Web3 strategy at Signature, serves as CEO and President, championing the idea that "money should move as seamlessly as information" via crypto innovations applied to banking.
- Kyle O'Donnell, former vice president of technology and digital asset solutions at Signature, is Chief Information Officer, responsible for the bank's blockchain infrastructure.
- Aurélien Bonnel, a veteran of Deutsche Bank, joins as Chief Technology Officer, bridging global banking and financial technology engineering.
- Tiffiney Peterson, an alumna of Merrick Bank, is CFO, grounding the model in conservative treasury management.
- Amanda Ortego, previously deputy banking commissioner and chief bank examiner at the Wyoming Division of Banking, is Chief Compliance Officer, embedding regulatory alignment directly into the operating model.
This talent mix is not incidental—it signals that Wyoming banking is becoming a laboratory for internet native banking: regulated, always‑on, and deeply integrated with digital assets.
From a business leader's perspective, several thought‑provoking shifts are worth noting:
- Banking as infrastructure, not intermediation. With full-reserve banking, N3XT is effectively unbundling payments from credit creation. What happens to your treasury strategy when your "bank" is more like a real‑time settlement rail than a lender?
- Programmable payments as a new control layer. By enabling programmable payments, institutional clients can encode business logic directly into their cash flows—escrow‑like conditions, milestone‑based releases, dynamic collateral management—without relying on manual interventions or legacy cut‑off times.
- 24/7 banking services as table stakes. In a 24/7 global economy, the idea that money only moves during business hours looks increasingly anachronistic. As internet native banking becomes normal, will counterparties that can't match always‑on settlement become systematically less attractive?
- Crypto innovations, dollar rails. N3XT sits at the intersection of financial technology and cryptocurrency banking: it leverages blockchain technology and crypto innovations (like smart contracts and Web3 architectures) while allowing clients to "bank in dollars." That blurs the line between DeFi and TradFi without forcing businesses into volatile assets.
On the capital side, N3XT has attracted backing from a roster of specialist investors that see this as more than a niche play in cryptocurrency:
- Paradigm, whose managing partner Alana Palmedo describes the shift bluntly: the financial system is being "re-wired to be internet native, 24/7/365 and global," and N3XT's blockchain-powered bank is a tangible embodiment of that direction.
- Other investors include Pharsalus, HACK VC, Reciprocal Ventures, Winklevoss Capital, Future Perfect Ventures, Potenza Capital, and Jesselson Capital, underscoring that this is not a speculative experiment but a serious bet on the future of institutional money movement.
If you lead a business in capital‑intensive or time‑sensitive sectors—cross‑border trade, logistics, FX, digital assets—the strategic question is no longer whether blockchain bank models like N3XT will matter, but how quickly internet native banking and programmable, instant payments will redefine competitive baselines.
For organizations looking to modernize their financial operations, Zoho One provides comprehensive business automation that can help bridge traditional banking limitations while you evaluate next-generation financial infrastructure. Similarly, businesses seeking to optimize their payment workflows can benefit from Zoho Flow, which enables seamless integration between financial systems and business processes.
The deeper provocation is this: as more special-purpose depository institution models emerge and full‑reserve, programmable rails spread, do you still think of "the bank" as a counterparty— or as a programmable, always‑on component in your operating stack? Understanding internal controls for modern financial systems becomes crucial as these new banking paradigms reshape how businesses manage treasury operations and compliance requirements.
What is N3XT Bank?
N3XT is a Wyoming‑chartered, tech‑first bank (an SPDI) built as a full‑reserve institution that uses blockchain infrastructure to enable instant, programmable business‑to‑business U.S. dollar payments and institutional money flows. For businesses exploring modern financial automation, N3XT represents a significant evolution in banking technology.
How does N3XT differ from a traditional bank?
Unlike fractional‑reserve banks that originate loans from deposits, N3XT operates full‑reserve: every deposit is backed 1:1 by cash or short‑term Treasuries. Its focus is payments infrastructure — instant, 24/7 settlement and programmable rails — rather than credit intermediation. This approach aligns with security-first financial practices that many modern businesses are adopting.
What is a Wyoming SPDI (special‑purpose depository institution)?
A Wyoming SPDI is a bank charter designed for digital‑asset and custody use cases. SPDIs can custody digital assets and fiat, are subject to state banking oversight, and are structured to support blockchain integrations while meeting regulatory and compliance requirements. Understanding compliance fundamentals is crucial when evaluating these new banking models.
What does full‑reserve banking mean for depositors?
Full‑reserve means deposited dollars are held one‑to‑one in cash or highly liquid government securities rather than being lent out. Depositors are therefore not exposed to the same balance‑sheet leverage risks that can cause bank runs tied to lending activities. This model provides enhanced security similar to robust internal controls that protect business assets.
Are deposits at N3XT FDIC‑insured?
Whether deposits are FDIC‑insured depends on N3XT's specific insurance arrangements and account structure. SPDIs can obtain FDIC insurance, but you should confirm N3XT's insurance status and limits before onboarding large balances. This due diligence process mirrors the security assessment frameworks businesses use when evaluating financial partners.
How does N3XT use blockchain — are customer balances on‑chain?
N3XT leverages blockchain for settlement and programmability of payments. Implementation details (on‑chain ledger vs. tokenized dollar representations vs. hybrid models) vary by design; customers should review the bank's architecture and custody model to understand where dollar claims live and how settlement is recorded. For businesses interested in blockchain applications, exploring smart business technologies can provide valuable context.
What are programmable payments and how can businesses use them?
Programmable payments let you embed business logic into transfers (e.g., milestone releases, automated escrow, conditional settlements, dynamic collateral calls). Use cases include automated supplier payouts, milestone‑driven escrow in trade finance, and real‑time treasury rebalancing tied to events. These capabilities align with Zoho Flow automation principles, enabling sophisticated workflow management across financial operations.
How fast are cross‑border and domestic payments?
N3XT aims for near‑instant, 24/7 settlement using blockchain rails for institutional dollar movements. Actual speed for cross‑border transactions depends on correspondent arrangements, on‑ramps/off‑ramps in destination jurisdictions, and settlement finality chosen by counterparties. This represents a significant improvement over traditional payment processing, much like how n8n automation accelerates business workflows.
Who is behind N3XT and who is funding it?
N3XT's leadership includes former Signature Bank executives and fintech/finance veterans (CEO Jeffrey Wallis, CIO Kyle O'Donnell, CTO Aurélien Bonnel, founder Scott Shay, CFO Tiffiney Peterson, CCO Amanda Ortego). Investors include Paradigm, Winklevoss Capital and several crypto/fintech venture firms. Understanding leadership and customer success principles is essential when evaluating financial technology partners.
How does N3XT handle compliance, KYC and AML?
As an SPDI, N3XT is subject to state banking regulation and embeds compliance into its model. Expect standard institutional KYC/AML controls, transaction monitoring, and on‑chain/off‑chain reconciliation processes; exact policies and onboarding timelines should be confirmed with the bank. These compliance frameworks mirror the SOC2 compliance standards that modern businesses implement.
Can businesses integrate N3XT with existing ERPs and payment workflows?
Yes — N3XT targets institutional clients and will support API and webhook integrations for treasury, ERP, and payment automation. Integration specifics (APIs, data formats, connectors) will determine how smoothly it plugs into systems like ERP, accounting, or automation platforms. For businesses managing complex integrations, Stacksync offers real-time database synchronization that can streamline financial data flows.
How does N3XT differ from crypto exchanges or custodial crypto banks?
N3XT focuses on dollar‑denominated institutional banking with regulated custody and full reserves, using blockchain for payment rails and programmability. It's not primarily a retail crypto exchange and aims to avoid exposing depositors to crypto asset volatility by keeping clients "banked in dollars." This approach provides stability while leveraging innovation, similar to how cybersecurity frameworks balance protection with functionality.
What are the main risks and limitations of using a blockchain bank like N3XT?
Key considerations include operational and smart‑contract risk, regulatory changes, counterparty & custody risk, dependency on on‑ and off‑ramps for cross‑border flows, and the maturity of integrations into legacy ecosystems. Even with full reserves, tech or settlement failures could disrupt access or movement of funds. Implementing comprehensive risk assessment frameworks helps businesses evaluate these emerging technologies responsibly.
How are reserves managed and where is customer cash held?
N3XT states deposits are backed 1:1 by cash or short‑term U.S. Treasuries. The bank's treasury and liquidity policies determine holdings, maturity profiles, and how quickly assets can be converted to settlement funds; ask for periodic reserve reports or attestations to verify backing. This transparency requirement aligns with data transparency best practices that modern organizations demand.
Will N3XT pay interest on deposits or use funds to make loans?
Because N3XT is full‑reserve, it does not rely on deposit lending as a business model. Interest policies depend on product design; some full‑reserve banks offer yield from Treasury holdings or pass-through earnings, but specifics should be confirmed with the bank's product documentation. Understanding pricing and value models helps businesses evaluate the total cost of banking relationships.
How does programmable, instant settlement change treasury strategy?
Instant, programmable rails reduce float, shorten cash‑conversion cycles, enable event‑driven liquidity management, and allow automated conditional payouts. Treasurers can optimize working capital, reduce need for large intraday balances, and implement automated counterparty controls—but must also update controls and reconciliation processes. These capabilities complement hyperautomation strategies that forward-thinking finance teams are implementing.
How should I evaluate whether to move treasury activity to a blockchain bank?
Assess regulatory standing and insurance, reserve attestations, settlement finality and speed, integration/APIs, fees, operational resilience, KYC/AML fit for your counterparty base, and contractual SLAs. Run pilot flows with low‑risk counterparties before migrating critical liquidity. This evaluation process should follow systematic assessment methodologies that technology leaders use when evaluating new platforms.
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