N3XT Bank Emerges from Signature Bank Alumni, Targets 24/7 Payments via Private Blockchain

A new financial institution, N3XT, has been launched by former executives of the now-defunct Signature Bank, aiming to modernize payment infrastructure. Spearheaded by Signature Bank’s founder, Scott Shay, the venture seeks to leverage a private, permissioned blockchain to facilitate instant, around-the-clock payment settlements for its clients. This model is designed to circumvent the traditional delays associated with conventional banking hours and legacy settlement systems. The initiative represents a notable entry of seasoned banking professionals into the digital asset infrastructure space, focusing on enterprise-grade financial solutions rather than retail cryptocurrency trading. N3XT’s strategy underscores a growing trend of applying distributed ledger technology to enhance the efficiency and availability of core banking services, with a clear emphasis on reliability and compliance within the established financial regulatory framework.