In this episode of the Crypto 101 Podcast, Scott Shay, co-founder of N3XT and former co-founder of Signature Bank, joins from the Out East Summit to explain why the banking system needs to be rebuilt on blockchain rails. He walks through his history building multiple banks, creating Signet as one of the first 24/7 blockchain-based banking payment systems, and why he believes legacy banking infrastructure is outdated, fragile, and too politically exposed.
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Chapters
00:00 Intro
01:00 – Bitcoin cycles, belief, and market psychology
02:00 – Banking 101 and Operation Choke Point
03:15 – Scott’s history building multiple banks
04:00 – Discovering Bitcoin and blockchain in 2013
06:00 – Why legacy banking rails are outdated
06:45 – Building Signet, a 24/7 blockchain payment system
08:50 – Signet reaches trillion-dollar transfer volume
11:40 – Why banks need blockchain core operating systems
13:55 – Fractional reserve banking explained
16:35 – Full-reserve banking and U.S. Treasury backing
23:30 – Why banks can become political mechanisms
27:15 – What’s next for N3XT
27:50 – N3XT digital dollar moves onto Ethereum
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