N3XT, a blockchain-based bank co-founded by former Signature Bank chairman Scott Shay, has received regulatory approval to facilitate international transactions via its digital token. This approval enables N3XT to compete with SWIFT, the messaging network that underpins most cross-border bank transfers.
Key Features
N3XT operates as a full-reserve institution, meaning every dollar deposited is backed 1:1 by liquid assets, and publishes daily disclosures of its reserve holdings. It runs on a private blockchain that supports programmable transactions through smart contracts, enabling instant USD business-to-business payments around the clock.
Target Clientele
N3XT's target clientele includes digital assets firms, shipping and logistics companies, and foreign exchange operations. The bank is positioning itself as a complement to existing stablecoin systems, offering similar speed and programmability but within a regulated banking wrapper.