- N3XT facilitates payments in U.S. dollars, 24 hours a day, 365 days a year
- The fully-regulated, blockchain-powered bank reduces credit risk and counterparty risk while freeing up working capital
- Every dollar of deposits is backed one-to-one by cash or short-term U.S. treasuries
CHEYENNE, Wyo.--(BUSINESS WIRE)--N3XT, a new bank built on blockchain technology to leverage break-through innovation in finance, officially launched today, enabling clients to make instant, programmable business-to-business payments in U.S. dollars any hour of the day.
Global finance and banking hours are no longer compatible. Businesses should be able to transfer money at any moment, anywhere in the world. Traditional B2B payments, however, can take days to settle, tying up working capital and increasing dependence on credit. N3XT identified the pain points of traditional banking and applied the lessons of the crypto industry to remove friction in the global payment system.
"Money should move as seamlessly as information," said Jeffrey Wallis, CEO & President of N3XT. "We're applying crypto innovations to banking to deliver instant, programmable payments for institutional clients. Our platform gives businesses the control and reliability they need in a 24/7 global economy."
“The financial system is being re-wired to be internet native, 24/7/365 and global,” said Alana Palmedo, Managing Partner of Paradigm, an investor in N3XT. “N3XT’s blockchain-powered bank embodies that shift and we’re proud to back them as they establish a new standard for how dollars move globally.”
How It Works
N3XT is built on a private, permissioned blockchain that can settle transactions immediately without relying on outside financial institutions to clear payments. Businesses in any sector that join the N3XT platform can use smart contracts to program payments to execute and clear when certain conditions are met. N3XT’s API-first architecture can be integrated directly into client operations.
Build in Crypto. Bank in Dollars.
N3XT’s blockchain environment is designed for interoperability with stablecoins, utility tokens, and other digital assets. Crypto market participants can program payments on the N3XT platform to automatically execute based on market conditions. For example, clients can automate deposits into their collateral accounts when markets go down and withdraw dollars when markets go up, freeing working capital to invest in other parts of the business.
This architecture enables programmability, auditability, and speed while maintaining control and regulatory compliance. It provides a regulated framework at the intersection of defi and traditional finance, allowing crypto-native businesses to bank in U.S. dollars and access the traditional finance system.
Enabling Global Commerce With Less Reliance on Credit
In global trade, buyers and sellers often rely on letters of credit that require payment approval during normal business hours. A business shipping goods from Manila to Perth may wait days for payment approval, creating counterparty risk and reliance on credit.
With N3XT, buyers can program payments to execute automatically after confirming the goods are delivered. Payment for the Manila-to-Perth shipment settles immediately. Buyers get peace of mind and reduced transaction costs. Sellers get lower fees and immediate access to capital to reinvest in their businesses instead.
Launching with a Proven Model
N3XT launches with inaugural clients across crypto, shipping and logistics, foreign exchange, and other sectors and a robust pipeline. The company has raised three rounds of financing from leading investors including, among others, Paradigm, Pharsalus, HACK VC, Reciprocal Ventures, Winklevoss Capital, Future Perfect Ventures, Potenza Capital and Jesselson Capital.
Full-Reserve, Fully-Regulated Bank
N3XT is a full-reserve bank – every dollar of deposits is backed one-to-one by cash or short-term U.S. treasuries, making N3XT the first “narrow bank” in the United States. The bank does not lend, and it publishes its reserve holdings daily. It operates globally under a Wyoming Special Purpose Depository Institution charter and is regularly examined by state banking authorities.
Leadership Team
Jeffrey Wallis, Chief Executive Officer and President: With more than two decades of experience in banking and regulated financial services, Jeffrey has guided organizations through rapid growth, digital transformation, and evolving regulatory landscapes. He previously served as Director of Digital Asset and Web3 Strategy at Signature Bank.
Scott Shay, Founder: Scott was a founder of Bank United of Texas, Merrick Bank and Signature Bank, as well as a founding director of Ranieri Partners, Super Derivatives, Shellpoint Mortgage, Home Partners of America, and the Elah Funds. Scott was also the creator of Signet, the first 24/7 blockchain enabled bank money transfer system that enjoyed enormous success and popularity within the compliant crypto industry.
Aurélien Bonnel, Chief Technology Officer: Aurélien oversees the strategy and development of N3XT's digital platform and infrastructure. He has spent more than 14 years developing secure, scalable systems, including at Tassat Pay and Deutsche Bank. He builds frictionless, real-time payments and asset transfer experiences for consumers and businesses alike.
Tiffiney Peterson, Chief Financial Officer: A seasoned executive with more than 28 years of experience in the banking industry, including 26 years at Merrick Bank, where she was pivotal in its growth to more than $7 billion in assets. Tiffiney develops and leads all aspects of the reporting and operational accounting functions at N3XT.
Kyle O’Donnell, Chief Information Officer: Kyle has more than 20 years of experience as a seasoned IT leader. He specializes in infrastructure, dev ops, information security, blockchain, and data analytics for regulated banks. Prior to N3XT, he served as Vice President of Technology, Digital Asset Solutions at Signature Bank.
Amanda Ortega, Chief Compliance Officer and Bank Secrecy Act Officer: Amanda has more than two decades of banking experience and is a true expert in regulatory compliance, specializing in U.S. banking regulation and blockchain financial infrastructure. Previously, she was Deputy Banking Commissioner and Chief Bank Examiner with the Wyoming Division of Banking.
Tom Curley, Head of Client Services: With nearly two decades of experience bringing fintech startups from launch to growth phases, Tom builds global client onboarding and integration teams, ensuring seamless client adoption. He most recently served as Head of Client Integration at GLMX Technologies.
Viviane Sabat, Head of Strategic Partnerships and Growth: A seasoned payments leader with 17+ years of experience shaping the future of B2B payments, Viviane previously served as SVP of Global Commercial at Mastercard, with prior leadership roles at American Express and McMaster-Carr.
About N3XT
N3XT is a 21st century bank built on blockchain technology that facilitates business-to-business, programmable payments in U.S. dollars instantaneously around the world, any hour of the day. We believe money should move as seamlessly as information, across any platform or border, transparently and without delay. Our mission is to liberate money by making payments programmable and immediate.
N3XT is advancing a new era of instant payments that empowers businesses to transact with confidence. With a long-term vision to modernize the financial system, we are building digital banking that is safe, easy and lightning fast.
For more information, visit www.n3xt.io
Contacts
Media:
media@n3xt.io