Signature Bank founder Scott Shay has created N3XT, a bank aiming to provide instant 24-hour payments on a private blockchain.
A group of former executives from the collapsed crypto-friendly Signature Bank has launched a new blockchain-based, state-chartered bank called N3XT, with the goal of enabling instant 24-hour payments.
N3XT said on Thursday that it aims to settle payments instantly at any time using a private blockchain and offers programmable payments through smart contracts. The company added that its systems have been designed for interoperability with stablecoins, utility tokens, and other digital assets.
Signature Bank founder Scott Shay founded N3XT, which will operate under a Wyoming Special Purpose Depository Institution (SPDI) charter and will not offer lending services.
