MIAMI – Coinbax gained the $20,000 grand prize at Consensus Miami’s PitchFest after pitching a system designed to assist banks and monetary corporations handle compliance for stablecoin funds.
The corporate, based by former Jack Henry government Peter Glyman, builds programmable escrow infrastructure that provides controls to wallet-to-wallet crypto transactions. The software program is supposed to cut back the dangers monetary establishments face when shifting funds onchain.
“Banks want to use stablecoins for payments, but they need to get their compliance people comfortable with the idea of moving money onchain,” Glyman stated throughout his presentation.
He described a future the place “wallet addresses [are] associated with every bank account,” with transactions shifting between banks, fintech corporations and self-custody wallets. In that surroundings, he argued, compliance checks have to occur instantly onchain slightly than solely by way of conventional banking intermediaries.
Coinbax makes use of good contracts to carry funds in escrow whereas third-party companies confirm identification, sanctions screening and transaction threat. Funds settle solely after circumstances are met.
“We provide a trust layer,” Glyman stated. “We provide programmable escrow that adds the control layer to these payments.”
The startup launched in October, closed a seed spherical in December and is already stay on Base mainnet, in response to Glyman. He stated the corporate is working with banks, custody corporations and pockets suppliers on pilot packages.
Second place went to Tashi, a decentralized infrastructure challenge centered on coordinating and managing AI programs throughout distributed networks.
