N3XT launches 24/7 blockchain bank, backed by Paradigm

A new U.S. bank has recently changed the landscape for business payments: N3XT officially opened its doors today, offering instant, programmable B2B payments in U.S. dollars at any hour. This innovation aims to leave traditional banking hours behind.

N3XT introduces a revolutionary banking solution for businesses

N3XT operates as a full-reserve, fully regulated narrow bank under a Wyoming Special Purpose Depository Institution charter. Each dollar deposited is securely backed on a one-to-one basis by cash or short-term U.S. Treasuries. To enhance transparency, the bank commits to publishing its reserve holdings on a daily basis.

Understanding N3XT's regulatory framework and reserve backing

The platform is designed to empower businesses to automate their payment processes. For example, if a business ships goods from Manila to Perth, the funds can be transferred immediately upon delivery confirmation. In addition, businesses can manage collateral deposits automatically during market fluctuations, ensuring that they can react swiftly to changing conditions.

How N3XT enables seamless and automated business transactions

N3XT's leadership team consists of experienced professionals from the fintech industry, which is a testament to its credibility. The launch was made possible with backing from notable investors such as Paradigm, Pharsalus, HACK VC, and Winklevoss Capital.

Exploring the strong leadership and investor support behind N3XT

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 utilize blockchain technology to eliminate the delays often associated with traditional banking, recognizing that in today’s global economy, time translates to money.