According to Reuters, former Signature Bank executives have launched N3XT, a blockchain-based bank focused on providing 24/7 instant US dollar payment services. N3XT was founded by Signature Bank co-founder and former chairman Scott Shay, along with former digital assets director Jeffrey Wallis, who will serve as CEO of N3XT. The bank will operate under Wyoming's Special Purpose Depository Institution (SPDI) license and will not engage in any lending business. Deposits at the bank will be backed by cash or short-term US Treasury securities, with reserves disclosed daily.

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