N3XT launches first fully regulated blockchain bank in the U.S
N3XT becomes the first fully regulated blockchain bank in the United States, backed by Paradigm, Winklevoss Capital, and other investors.
On Thursday, the blockchain-based neobank N3XT officially announced its launch, introducing a new model built on groundbreaking financial innovations.
The fully reserved bank, backed by cash and short-term Treasury bonds, will not issue loans. It will operate 24/7 worldwide under a Wyoming Special Purpose Depository Institution (SPDI) charter and will be regularly examined by state banking regulators.
“Finance is being rebuilt to become internet-native, always-on, and global,” said Alana Palmedo, managing partner at Paradigm, an investor in N3XT. “The N3XT blockchain bank embodies this shift, and we are proud to support them in setting a new global standard for money movement.”
Continuity in action
In international trade, buyers and sellers often rely on letters of credit that require payment confirmation during standard business hours. A company shipping goods from Manila to Perth may wait several days for payment confirmation, creating counterparty risk and reliance on credit.
With N3XT, buyers can program payments to automatically execute once delivery is confirmed. Payment for shipments from Manila to Perth is completed instantly. Buyers gain peace of mind and lower transaction costs, while sellers benefit from reduced fees and immediate access to capital for reinvestment.
“Money should move as smoothly as information. We are applying crypto innovation to banking to enable instant, programmable payments for institutional clients. Our platform gives companies the control and reliability they need in a 24/7 global economy,” said Jeffrey Wallis, CEO and President of N3XT.
The company reported that N3XT is launching with its first clients in crypto, freight and logistics, foreign exchange, and other sectors, supported by a strong order pipeline.
Previously, the company raised three funding rounds from leading investors, including Paradigm, Pharsalus, HACK VC, Reciprocal Ventures, Winklevoss Capital, Future Perfect Ventures, Potenza Capital, and Jesselson Capital.
As we wrote, Mt Pelerin introduces IBAN linked to crypto wallets
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