PANews reported on December 4th that, according to Reuters, nearly three years after the collapse of Signature Bank, known for serving cryptocurrency clients, its former executives are launching a new blockchain-based bank called N3XT, focusing on facilitating instant, 24/7 dollar payments. N3XT was founded by Scott Shay, the founder and former chairman of Signature Bank. Jeffrey Wallis, formerly head of digital asset and Web3 strategy at Signature Bank, will serve as CEO of N3XT.

Wallis stated that every dollar deposit at N3XT will be backed by cash or short-term U.S. Treasury securities, and the bank will publish its reserve holdings daily, distinguishing it from Signature Bank. Its reserves will be held by a custodian partner, but he declined to specify which institution. N3XT will not be insured by the Federal Deposit Insurance Corporation (FDIC), and Wyoming special purpose banks are not required to be FDIC insured.