Coinbax wins $20,000 prize for stablecoin compliance

Coinbax has secured the $20,000 grand prize at Consensus Miami's PitchFest for its innovative programmable escrow system. This software is designed to enhance compliance for stablecoin payments, a critical need for financial institutions looking to adopt onchain transactions. The system utilizes smart contracts to temporarily hold funds, allowing third-party services to conduct essential checks for identity, sanctions, and transaction risks before the payment is finalized on the blockchain. Founded by former Jack Henry executive Peter Glyman, Coinbax aims to provide a crucial trust layer for the growing stablecoin market.