Former Signature Bank executives have launched N3XT, a blockchain-based bank focused on providing 24/7 instant USD payment services. Founded by Signature Bank's co-founder and former chairman Scott Shay and former digital assets director Jeffrey Wallis, who will serve as CEO, N3XT will operate under a special purpose bank charter in Wyoming. The bank will not engage in lending activities, with deposits backed by cash or short-term U.S. Treasuries, and will publish reserve details daily.