Podcast Ep. 748 - Why Banks NEED Blockchain
With special guest Scott Shay, co-founder of N3XT and former co-founder of Signature BankIn 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as one of the first 24/7 blockchain-based banking payment systems, and why he believes legacy banking infrastructure is outdated, fragile, and too politically exposed.
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- 06:00 – Why legacy banking rails are outdated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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Music Credit: “Fog” by DIZARO— Creative Commons CC BY-N D 3.0 Free Download/Stream| Promoted by Audio Library
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