Ep. 748 Why Banks NEED Blockchain

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as one of the first 24/7 blockchain-based banking payment systems, and why he believes legacy banking infrastructure is outdated, fragile, and too politically exposed.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06:00 - Why legacy banking rails are outdated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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