Coinbax has been awarded a $20,000 prize at the Consensus Miami PitchFest for its innovative compliance solution for stablecoin payments. The company, founded by Peter Glyman, aims to assist banks and financial institutions in managing compliance for on-chain transactions. Coinbax's system provides programmable custody infrastructure, adding controls to cryptocurrency transactions between wallets to mitigate risks. Glyman highlighted the need for compliance teams to adapt to on-chain fund transfers, envisioning a future where every bank account is linked to a wallet address. Coinbax's solution involves holding funds via smart contracts, with identity verification and transaction risk assessments managed by third-party services. The startup, launched last October, has completed its seed funding and is now operational on the Base mainnet, conducting pilot projects with banks and other financial entities.