MIAMI – Coinbax secured the $20,000 grand prize at the Consensus Miami PitchFest, showcasing its advanced software aimed at enhancing compliance for stablecoin transactions within the banking sector.
The startup, founded by Peter Glyman, a former executive at Jack Henry, has developed a programmable escrow system designed to facilitate secure wallet-to-wallet cryptocurrency payments. This technology aims to mitigate the compliance risks that financial institutions encounter when conducting onchain transactions.
“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 during his pitch.
Glyman envisions a future where each bank account is linked to specific wallet addresses, allowing seamless transactions between banks, fintech companies, and self-custody wallets. He emphasized the necessity of conducting compliance checks directly onchain instead of relying solely on traditional banking intermediaries.
Coinbax employs smart contracts to manage escrow arrangements, ensuring that funds are only released after third-party services have verified identity, conducted sanctions screenings, and assessed transaction risks. “We provide a trust layer,” Glyman explained. “We provide programmable escrow that adds the control layer to these payments.”
Since its launch in October, Coinbax has successfully completed a seed funding round in December and is already operational on the Base mainnet. Glyman noted that the company is collaborating with banks, custody firms, and wallet providers to initiate pilot programs.
Tashi, a decentralized infrastructure initiative focused on managing AI systems across distributed networks, took second place in the competition.
During the event, executives from Bridge and Deus X Capital discussed the evolving landscape of stablecoins, highlighting their increasing adoption by large corporations for cross-border treasury operations. They also noted the potential for AI agents to utilize blockchain technology for autonomous payments.
- Bridge executive Lindsey Einhaus remarked that major corporations are increasingly interested in stablecoins for treasury and international transactions.
- AI-driven micropayments could emerge as a significant application as stablecoin infrastructures lower transaction costs.
- Tim Grant, CEO of Deus X Capital, indicated that institutions are increasingly gravitating toward crypto infrastructure as regulatory frameworks improve, despite ongoing challenges.
Coinbax emerged victorious at Consensus Miami, winning a $20,000 prize for its compliance-focused software for stablecoin payments. The startup aims to enhance security and reduce risks for financial institutions engaging in onchain transactions.