Blockchain Bank N3XT Raises $72M from Paradigm, HACK VC, and Winklevoss Capital

N3XT, a blockchain-powered full-reserve bank, raised $72 million across three funding rounds from Paradigm, HACK VC, Winklevoss Capital, and other investors, the company announced on Dec. 6. The bank operates under a Wyoming SPDI charter and uses a private blockchain system for instant settlement, enabling businesses to automate transactions via smart contracts. Led by CEO Jeffrey Wallis, former Director of Digital Asset Strategy at Signature Bank, and founder Scott Shay, co-founder of Signature Bank and architect of its Signet payment system, N3XT maintains a 1:1 reserve ratio backed entirely by cash or short-term U.S. Treasuries with daily reserve disclosures. Unlike traditional banks, N3XT does not lend or use customer deposits for other purposes.