Ex-Signature Bank Execs Launch Blockchain-Powered Narrow Bank Backed by Paradigm, Winklevoss

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Ex-Signature Bank Execs Launch Blockchain-Powered Narrow Bank Backed by Paradigm, Winklevoss N3XT Bank, operating under a Wyoming charter, aims to provide programmable U.S. dollar payments around the clock without lending deposits. By Krisztian Sandor | Edited by Nikhilesh De Dec 4, 2025, 5:56 p.m. 100 dollar bill on table (Live Richer/Unsplash/Modified by CoinDesk) What to know : Former executives of Signature Bank have launched N3XT, a blockchain-powered, full-reserve bank under a Wyoming SPDI charter. The bank offers programmable U.S. dollar payments and operates without lending deposits, backing each dollar with cash or short-term U.S. Treasuries. The bank is led by CEO Jeffrey Wallis, former digital assets head of Signature Bank, that was shuttered in March 2023. A group of former executives of Signature Bank, the crypto-friendly bank shuttered in 2023 March, announced on Thursday the launch of a new blockchain-powered, full-reserve bank aiming to offer programmable U.S. dollar payments. Dubbed N3XT, the bank operates under a Wyoming Special Purpose Depository Institution (SPDI) charter, settles payments instantly using a private blockchain system and allows businesses to automate transactions via smart contracts. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . Unlike traditional banks, N3XT does not lend out deposits. Instead, it's a so-called "narrow bank" where every dollar is backed one-to-one by cash or short-term U.S. Treasuries and is disclosed daily. At the helm is CEO and president Jeffrey Wallis, who was the former Director of Digital Asset Strategy at Signature Bank. Scott Shay, Signature’s co-founder and the creator of its crypto payments platform Signet, also serves as N3XT’s founder. The firm is backed by venture capital firms including Paradigm, HACK VC and Winklevoss Capital — the VC firm of crypto exchange Gemini founders Tyler and Cameron Winklevoss — among others. The firm has raised $72 million in three funding rounds, the latest being in October, according Crunchbase data . The move comes more than two years after state regulators shuttered Signature Bank in March 2023, just days after the collapse of Silicon Valley Bank. The Federal Deposit Insurance Corp. at the time cited Signature’s overreliance on uninsured deposits and weak risk controls as key reasons behind the closure. Signature Bank's key offering was Signet, a real-time payments platform that was popular with crypto businesses. N3XT said it's aiming to offer a similar service of what Signet once provided. Its architecture is designed to be programmable and compliant, allowing businesses to automate money operations like supplier payments or collateral adjustments without needing to wait for traditional banking hours. "We're applying crypto innovations to banking to deliver instant, programmable payments for institutional clients," Jeffrey Wallis said in a statement. "Our platform gives businesses the control and reliability they need in a 24/7 global economy." The firm has already clients from industries such as crypto, shipping and logistics, foreign exchange with a "robust pipeline" of incoming customers, the bank said. Bank Signature Bank Paradigm Winklevoss Capital Global Payments Wyoming More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Blockdaemon, VerifiedX Join Forces to Deliver Mass-Market, Self-Custodial DeFi By Jamie Crawley , AI Boost | Edited by Sheldon Reback 1 hour ago The experience, which is designed to feel like Venmo or Cash App, allows users to earn yield on bitcoin (BTC) and stablecoins and borrow against their holdings. What to know : Crypto infrastructure provider Blockdaemon and Bitcoin sidechain VerifiedX are rolling out a major upgrade to make everyday crypto use far simpler for non-technical users. The experience is designed to feel closer to Venmo or Cash App than a traditional Web3 workflow. Crypto/DeFi/Web3 platforms often struggle with mass adoption primarily because their user experience is often clunky, complex and intimidating to the average user. Read full story Latest Crypto News Sovereign Wealth Funds Were Buyers as Bitcoin Plunged: BlackRock's Larry Fink 26 minutes ago BNB Nears $910 as Volume Jumps 68%, Signaling Growing Interest Near Resistance Zone 57 minutes ago Meta Plans 30% Cut to Metaverse Budget as Reality Becomes Less Virtual: Bloomberg 1 hour ago $4B Bitcoin ETF Outflows in October-November Reflect Basis Trade Unwind, Not Capitulation: Analyst 1 hour ago BONK Edges Higher as Narrow-Range Trading Holds Above Key Support 1 hour ago ICP Rises as Cross-Chain Narratives Gain Attention 1 hour ago Top Stories U.S. CFTC-Driven Spot Crypto Trading Going Live With Bitnomial, Opening Up New Arena 2 hours ago Meta Plans 30% Cut to Metaverse Budget as Reality Becomes Less Virtual: Bloomberg 1 hour ago $4B Bitcoin ETF Outflows in October-November Reflect Basis Trade Unwind, Not Capitulation: Analyst 1 hour ago Solmate to Buy RockawayX in All-Stock Deal to Build $2B Institutional Solana Giant 4 hours ago XRP ETFs Extend Record Inflow Streak to 13 Days, Closing in on $1B Milestone 3 hours ago All Eyes on Ether: Crypto Daybook Americas 5 hours ago