# Former Signature Bank Execs Launch N3XT, Blockchain-Based Neobank

*Author: Jack Inabinet*
*Published: Dec 4, 2025*
*Source: https://www.bankless.com/read/news/former-signature-bank-execs-launch-n3xt-blockchain-based-neobank*

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A group of career banking and payments experts has joined together to create N3XT, a blockchain-based payments neobank. The team includes three former executives of Signature Bank, a now-shuttered depository institution that was responsible for the third-largest banking failure in U.S. history.

### What's the Scoop?
- **Built for Payments: **N3XT is built around a private, permissioned blockchain that can settle transactions immediately between parties without relying on outside financial institutions to clear payments.
- **Smart Contract Functionality:** As a blockchain, N3XT will come equipped with smart contracts. Clients can take advantage of this functionality to execute transactions once specific conditions are met.
- **Wyoming Registered:** N3XT is a full-reserve, "narrow" bank that is licensed to operate globally under a Wyoming Special Purpose Depository Institution charter. It cannot lend funds, will publish daily reserve holdings, and must back every dollar of deposits by cash or short-term treasuries. 
- **Big Backers:** The firm has raised three rounds of financing from leading investors including Paradigm, HACK VC, and Winklevoss Capital. It is launching with inaugural clients from the crypto, shipping/logistics, and foreign exchange industries.

> Wyoming is leading the way in securing America’s leadership in financial innovation. Digital assets give us the freedom to make instant, 24/7 transactions. [@N3XTinc](https://twitter.com/N3XTinc?ref_src=twsrc%5Etfw) is building the future of finance, and it all starts in the Cowboy State.🔗[https://t.co/me3Yrw3tED](https://t.co/me3Yrw3tED) [pic.twitter.com/gt2OoW33gK](https://t.co/gt2OoW33gK)— Senator Cynthia Lummis (@SenLummis) [December 4, 2025](https://twitter.com/SenLummis/status/1996641148560199963?ref_src=twsrc%5Etfw)