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 firm, 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 scale 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 mentioned 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 setting, he argued, compliance checks have to occur immediately onchain relatively than solely by way of conventional banking intermediaries.
Coinbax makes use of good contracts to carry funds in escrow whereas third-party providers confirm identification, sanctions screening and transaction danger. Funds settle solely after situations are met.
“We provide a trust layer,” Glyman mentioned. “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 reside on Base mainnet, in accordance with Glyman. He mentioned the corporate is working with banks, custody corporations and pockets suppliers on pilot applications.
Second place went to Tashi, a decentralized infrastructure mission targeted on coordinating and managing AI methods throughout distributed networks.