Former Signature Bank Executives Launch New Tech-Forward Bank in Wyoming
Three former Signature Bank executives, including its founder Scott Shay, have recently launched a new tech-forward bank in Cheyenne, Wyoming. The bank, named N3XT, officially opened its doors on Thursday, offering innovative services to its clients.
Innovative Services Offered by N3XT
Clients of N3XT will have the ability to make instant business-to-business payments 24/7 using blockchain technology. The bank is set to cater to sectors such as cryptocurrency, shipping and logistics, and foreign exchange. N3XT operates under a Wyoming special-purpose depository institution charter, a unique charter created by legislation in 2019 and overseen by the state’s banking authority.
N3XT is a full-reserve bank, meaning that every dollar in deposits is backed one-to-one by cash or short-term treasuries, and the bank does not engage in lending activities.
Leadership Team and Background
The CEO and President of N3XT, Jeffrey Wallis, who previously held the position of director of digital asset and Web3 strategy at Signature Bank, emphasized the importance of seamless money movement, stating, “Money should move as seamlessly as information.” Another former Signature executive, Kyle O’Donnell, serves as N3XT’s chief information officer.
Scott Shay, the founder of N3XT, has a history of founding successful banks. He previously launched Bank United of Texas in 1988 and Merrick Bank in 1997. However, Signature Bank, founded in 2001, experienced a collapse during the regional bank crisis of 2023, marking it as the fourth-largest bank failure in U.S. history.
The leadership team at N3XT also includes Aurélien Bonnel as the chief technology officer, Tiffiney Peterson as the CFO, and Amanda Ortego as the Chief Compliance Officer.
Investors and Industry Support
Investors in N3XT include firms such as Paradigm, Pharsalus, HACK VC, Reciprocal Ventures, Winklevoss Capital, Future Perfect Ventures, Potenza Capital, and Jesselson Capital. Alana Palmedo, managing partner of Paradigm, expressed support for N3XT’s blockchain-powered banking model, stating that it embodies the shift towards a more internet-native, global financial system.
N3XT’s innovative approach to banking has garnered support from various industry players and investors who see the potential for the bank to set a new standard in global financial transactions.
Conclusion
The launch of N3XT by former Signature Bank executives represents a significant development in the banking industry, particularly in the realm of blockchain technology and instant business-to-business payments. With a strong leadership team and backing from reputable investors, N3XT is poised to make a mark in the evolving landscape of financial services.
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