MIAMI – At Consensus Miami’s PitchFest, Coinbax clinched the $20,000 grand prize by presenting a system designed to aid banks and financial institutions in managing stablecoin payment compliance. The company was founded by former Jack Henry executive Peter Glyman and develops programmable escrow infrastructure that integrates controls into wallet-to-wallet crypto transactions, aimed at mitigating risks associated with onchain fund movements.
“Banks are interested in using stablecoins for payments but require assurance from their compliance departments regarding onchain money transfers,” Glyman explained during his presentation. He envisioned a future where “each bank account is linked to a wallet address,” facilitating transactions between banks, fintech firms, and self-custody wallets. In such a scenario, he argued, compliance checks should be conducted directly onchain rather than solely through traditional banking intermediaries.
Coinbax employs smart contracts to place funds in escrow while third-party services verify identity, sanctions screening, and transaction risk. Settlement of funds occurs only after all conditions are satisfied. “We introduce a trust layer,” Glyman stated. “Our programmable escrow solution introduces the necessary control layer for these payments.”
The startup commenced operations in October, secured seed funding in December, and is currently operational on Base mainnet, as per Glyman. He mentioned ongoing collaborations with banks, custody firms, and wallet providers to run pilot programs.
Tashi claimed second place with its decentralized infrastructure project aimed at coordinating and managing AI systems across distributed networks.