Do you use stablecoins, tokenized deposits, or other forms of digital assets?
N3XT accepts USD as bank deposits that are used to make payments on the N3XT platform. N3XT does not enable transactions or provide custody using any form of digital assets including stablecoins on its platform.
Are you FDIC insured?
No, we are a full reserve bank and do not lend against our balance sheet, which was a purposeful design to ensure our client's deposits are always secured by the actual asset. This type of reserve model is not supported by FDIC insurance, which requires its banks to lend out their client deposits. Additionally, N3XT will provide daily visibility into its deposit reserves which is different from traditional banking which provides a point in time view at the end of each quarter.
How do you handle crypto on your platform?
We do not hold or transact crypto or digital assets on the N3XT platform.
What type of Bank is N3XT?
We are a state chartered bank operating under the Wyoming Special Purpose Depository Institution Banking Charter which is built on a full reserve banking model.
How is N3XT regulated?
N3XT is regulated by the Wyoming Division of Banking as a state chartered bank. In the US, the dual banking model provides the ability to be chartered at a state or federal level. N3XT chose the state charter option in Wyoming based on its long-standing track record of supporting innovation in banking and financial services. Legislative and regulatory support for this type of innovation was very important when evaluating the state vs federal options. The changing political landscape resulting from an election was a legislative and policy variability that was a consideration when considering the durability of innovation support. The regulatory expectations for support were also important because at N3XT, we felt it very important to lean into regulation and be held accountable at the highest level of BSA obligations but also further that expectation of being a full reserve bank to ensure that our client’s working capital was always available when opportunity presented itself.
What is your fee structure?
We charge a monthly account fee which includes unlimited instant payments. We charge a nominal transaction fee on programmable payments.
What are your advantages/differentiators?
N3XT offers USD payments which are legally settled instantly 24 hour/7 days a week. N3XT offers programmable payments that allows two counterparties to set the terms of a payment and once the conditions are met the payment is triggered. N3XT also offers full safety and security that a client's working capital is always available to them to ensure they can take advantage of any economic opportunity regardless of what that opportunity presents itself.
Where can I see your reserve holdings?
N3XT will publish a Transparency page that details its reserve holdings. N3XT will provide daily visibility into its deposit reserves which is different from traditional banking which provides a point in time view at the end of each quarter.