MIAMI – Coinbax gained the $20,000 grand prize at Consensus Miami’s PitchFest after pitching a system designed to assist banks and monetary companies 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 transferring funds onchain.
“Banks need to use stablecoins for funds, however they should get their compliance individuals snug with the thought of transferring cash onchain,” Glyman stated throughout his presentation.
He described a future the place “pockets addresses [are] related to each checking account,” with transactions transferring between banks, fintech companies and self-custody wallets. In that surroundings, he argued, compliance checks must occur instantly onchain relatively than solely by conventional banking intermediaries.
Coinbax makes use of good contracts to carry funds in escrow whereas third-party providers confirm id, sanctions screening and transaction threat. Funds settle solely after circumstances are met.
“We offer a belief layer,” Glyman stated. “We offer programmable escrow that provides the management layer to those funds.”
The startup launched in October, closed a seed spherical in December and is already reside on Base mainnet, in keeping with Glyman. He stated the corporate is working with banks, custody companies and pockets suppliers on pilot applications.
Second place went to Tashi, a decentralized infrastructure venture targeted on coordinating and managing AI methods throughout distributed networks.
