Coinbax has reportedly raised $4.2 million in seed funding to accelerate development of its programmable trust layer for stablecoin payments. The round was led by BankTech Ventures, with participation from Connecticut Innovations, Paxos, SpringTime Ventures, and other banking and payments industry participants.
According to the update from Coinbax, the recent capital injection will now aim to support the following key activities:
- Engineering Development: Accelerating platform build-out and feature expansion
- Infrastructure Integrations: Connecting with custody and wallet infrastructure providers
- Design Partner Onboarding: Working with commercial banks and enterprise payments teams
As explained in the announcement, the Coinbax platform operates on Base and Solana blockchains, “supporting major stablecoins including USDC, USDG, RLUSD, and PYUSD, with planned expansion to additional networks.”
Some of the Core features now reportedly include:
- Programmable escrow structures
- Automated multi-party approvals
- Conditional settlement for milestone-based payments
- Direct integration with AP/AR and ERP systems
- Built-in audit trails and regulatory oversight
Peter Glyman, Founder and Chief Executive Officer has said that within the next three years, every bank account will “have a wallet.”
Glyman added that stablecoins and tokenized deposits “will become part of every bank’s core infrastructure.”
Carey Ransom, BankTech Ventures Managing Director stated that what matters for banks is “not speed alone, but having clear rules, accountability, and oversight.:
They also mentioned that Coinbax gives financial institutions “a practical way to use stablecoins inside real banking workflows.”
As noted in the update, BankTech Ventures is a strategic investment fund focused “on technology companies serving community and regional banks.”
As stated in a blog post, Connecticut Innovations is Connecticut’s strategic venture capital arm and the “source of financing and ongoing support for Connecticut’s innovative companies.”
As covered, Paxos is a regulated blockchain infrastructure company building a new financial system. As mentioned in the announcement, SpringTime Ventures is a venture capital firm investing in “early-stage fintech and enterprise software companies.”