A fintech startup in Essex has successfully raised $4.2 million in seed funding to advance its software development aimed at assisting financial institutions in managing digital-asset payments. The company, Coinbax, employs five people, with two based in Connecticut and the rest working remotely. Coinbax is focusing on creating technology that provides banks and enterprises with enhanced control over stablecoin transactions, incorporating features such as multi-party approvals, spending limits, and conditional payment releases to align blockchain-based payments with existing compliance and risk frameworks. Stablecoins, digital currencies pegged to traditional assets like the U.S. dollar, are used for quicker payments and transfers on blockchain networks. The funding round was led by BankTech Ventures, with participation from Connecticut Innovations, Paxos, SpringTime Ventures, and others. The funds will be used to accelerate engineering development, enhance integration with custody and digital wallet providers, and support onboarding of early design partners in commercial banking and enterprise payment operations. Coinbax was founded by CEO Peter Glyman, a Connecticut entrepreneur who also co-founded Geezeo, a financial software firm acquired in 2019.
Has an Essex fintech secured $4.2M in seed funding with Connecticut Innovations’ backing?
