N3XT Launches a 24/7 Blockchain Bank, Supported by Paradigm and Winklevoss Capital

N3XT, a new blockchain bank in the U.S., has revolutionized traditional business payments by offering instant, programmable payments around the clock. Backed by major investors like Paradigm and Winklevoss Capital, N3XT operates under a Wyoming charter, ensuring full regulation and security for its clients.

Key Takeaways

N3XT has officially launched as a fully regulated blockchain bank offering 24/7 payments.
The bank operates under a Wyoming Special Purpose Depository Institution charter, ensuring all deposits are backed one-to-one.
Businesses can automate payments based on shipment confirmations and market conditions.
Supported by significant financial backers, N3XT aims to streamline money movement in the global economy.

N3XT launches 24/7 blockchain bank, backed by Paradigm and Winklevoss Capital - 1

Main Content

N3XT has officially begun operations, changing the landscape of traditional business payments. This innovative bank allows for instant, programmable B2B payments in U.S. dollars, making transactions possible at any hour of the day or night. With this offering, N3XT leaves conventional banking hours behind.

Operating as a full-reserve, fully regulated narrow bank, N3XT is chartered under Wyoming's Special Purpose Depository Institution. Each dollar deposited is secured on a one-to-one basis by either cash or short-term U.S. Treasuries, and the bank ensures transparency by publishing its reserve holdings daily.

N3XT's platform is designed for businesses to automate their payment processes. For instance, if a company ships goods from Manila to Perth, funds can be transferred immediately upon delivery confirmation. In response to market fluctuations, collateral deposits can be executed automatically during dips, while market spikes allow for quick capital returns, keeping working capital unclogged.

The leadership team at N3XT comprises seasoned professionals from the fintech sector, strengthening the bank's foundation. The launch received significant backing from influential investors, including Paradigm, Pharsalus, HACK VC, and Winklevoss Capital.

According to Alana Palmedo from Paradigm, “The financial system is being re-wired to be internet native, 24/7/365 and global.” N3XT aims to eliminate the traditional delays in moving money, recognizing that in today's 24/7 global economy, time is indeed money.