Show Notes
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as one of the first 24/7 blockchain-based banking payment systems, and why he believes legacy banking infrastructure is outdated, fragile, and too politically exposed.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history building multiple banks 04:00 - Discovering Bitcoin and blockchain in 2013 06:00 - Why legacy banking rails are outdated 06:45 - Building Signet, a 24/7 blockchain payment system 08:50 - Signet reaches trillion-dollar transfer volume 11:40 - Why banks need blockchain core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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