Former Signature Bank executives launch blockchain-based bank [BNN Bloomberg (Canada)]
Signature Bank (SBNY)
Last signature bank earnings: 4/23 05:00 am
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Source: BNN Bloomberg
The bank, called N3XT, was founded by Scott Shay, the founder and former chairman of Signature Bank. Jeffrey Wallis, who was previously director of digital asset and Web3 strategy at Signature, will be N3XT's CEO. Reuters is reporting the new venture for the first time. N3XT will operate globally under a Wyoming special-purpose bank charter and will not engage in any lending activities. Every dollar of deposits in N3XT will be backed by cash or short-term U.S. Treasuries, and it will publish its reserve holdings on a daily basis, which distinguishes it from Signature, Wallis said. Its reserves will be held at custodial partners, which he declined to name. The blockchain-based bank will not be insured by the Federal Deposit Insurance Corporation, and Wyoming special-purpose banks are not required to obtain FDIC insurance. “We do not lend against our balance sheet, so clients always have confidence that their capital is available to them and never at risk and always stands ready
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