Coinbax wins $20,000 PitchFest prize at Consensus Miami for stablecoin compliance
Coinbax took the top spot at Consensus Miami with software built to add compliance controls to onchain payments.
What to know:
- Coinbax won the $20,000 grand prize at Consensus Miami’s PitchFest for its programmable escrow system that helps banks manage compliance for stablecoin payments.
- The startup’s software uses smart contracts to hold funds in escrow while third-party services perform identity, sanctions and transaction-risk checks before releasing payments onchain.
- Founded in October by former Jack Henry executive Peter Glyman, Coinbax has raised a seed round, gone live on Base mainnet and begun pilot programs with banks, custody firms and wallet providers.
“Banks want to use stablecoins for payments, but they need to get their compliance people comfortable with the idea of moving money onchain,” Glyman said during his presentation.
He described a future where “wallet addresses [are] associated with every bank account,” with transactions moving between banks, fintech firms and self-custody wallets. In that environment, he argued, compliance checks need to happen directly onchain rather than only through traditional banking intermediaries.
Coinbax uses smart contracts to hold funds in escrow while third-party services verify identity, sanctions screening and transaction risk. Funds settle only after conditions are met.
“We provide a trust layer,” Glyman said. “We provide programmable escrow that adds the control layer to these payments.”
