MIAMI – Coinbax received 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 scale 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 mentioned throughout his presentation.
He described a future the place “pockets addresses [are] related to each checking account,” with transactions transferring between banks, fintech corporations and self-custody wallets. In that surroundings, he argued, compliance checks have to occur instantly onchain relatively than solely by means of conventional banking intermediaries.
Coinbax makes use of good contracts to carry funds in escrow whereas third-party companies confirm id, sanctions screening and transaction danger. Funds settle solely after circumstances are met.
“We offer a belief layer,” Glyman mentioned. “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 dwell on Base mainnet, in keeping with Glyman. He mentioned the corporate is working with banks, custody corporations and pockets suppliers on pilot packages.
Second place went to Tashi, a decentralized infrastructure venture centered on coordinating and managing AI techniques throughout distributed networks.