Coinbase, U.S.-based cryptocurrency exchange, has today announced the acquisition of Echo, a blockchain-powered fundraising and investment platform, in a deal valued at $375 million. The acquisition, paid through a mix of cash and stock, marks a significant expansion of Coinbase’s push into on-chain fundraising and early-stage token issuance.
The move reinforces the exchange’s vision of building an integrated ecosystem where startups can raise funds, launch tokens, and manage their financial lifecycles entirely on-chain. It also underscores the company’s broader ambition to make global capital markets more efficient, transparent, and accessible through blockchain technology.
Founded by Jordan Fish, widely known as “Cobie”, Echo has emerged as one of the leading platforms for decentralised capital formation. The company has facilitated more than $200 million in project fundraising since its inception, helping Web3 startups and token projects connect directly with investors.
Echo’s standout feature, ‘Sonar’, is a protocol designed to enable transparent, on-chain public token sales. Sonar allows project teams to manage capital raising without intermediaries while maintaining full transparency over contributions and token distributions. Coinbase plans to integrate Sonar’s technology into its existing infrastructure, allowing startups to host token launches through Coinbase’s trusted and regulated environment.
In a company blog post announcing the acquisition, Coinbase said that combining Echo’s on-chain fundraising tools with its own trading, custody, and liquidity services will “unlock the next generation of capital formation.”
The integration aims to remove many of the frictions associated with crypto fundraising, ranging from compliance hurdles to investor onboarding, while giving founders and investors a more seamless experience.
“This acquisition represents a pivotal step toward a more open, efficient, and globally accessible capital market,” Coinbase said in a statement. “By bringing Echo’s infrastructure under Coinbase’s umbrella, we can empower the next wave of builders to raise funds transparently and compliantly.”
Expanding Coinbase’s crypto infrastructure stack
The Echo deal continues Coinbase’s acquisition spree in 2025, following its earlier purchase of LiquiFi, a token management and cap table infrastructure provider, and its $2.9 billion acquisition of derivatives exchange Deribit. Together, these moves signal a clear strategy: Coinbase is building a full-stack financial platform for the digital economy.
With LiquiFi handling token management, Deribit adding derivatives trading capabilities, and Echo enabling fundraising, The company is assembling a vertically integrated system for tokenised assets, from creation to trading and investment. The company’s approach mirrors that of traditional financial giants but is adapted for decentralised finance (DeFi) and Web3 ecosystems.
Analysts view the acquisition as a strong competitive play. By owning the infrastructure for token fundraising, Coinbase captures a new revenue stream and positions itself as a one-stop shop for crypto startups seeking both capital and compliance.
One market strategist expressed that Coinbase is becoming the Goldman Sachs of the crypto era. “With regulatory clarity improving, they’re building the rails for compliant, onchain capital markets that can rival traditional finance.”
For startups and token issuers, the acquisition promises a streamlined process for raising capital. Projects will be able to leverage Coinbase’s global brand, infrastructure, and user base while maintaining the decentralised nature of token issuance. Echo’s integration could reduce the complexity of handling investor accreditation, compliance checks, and KYC processes.
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For investors, Coinbase’s involvement adds a layer of credibility and trust often missing from the volatile world of crypto fundraising. Retail investors, however, may face restrictions due to regulatory concerns surrounding public token sales in the U.S. Coinbase is expected to introduce gated participation frameworks to comply with securities laws.
The acquisition also comes amid heightened regulatory scrutiny over token launches and fundraising mechanisms. The U.S. Securities and Exchange Commission (SEC) has ramped up enforcement actions against unregistered offerings, but Coinbase believes Echo’s model can align with evolving rules while maintaining openness and transparency.
The deal highlights a broader shift in the crypto industry. Exchanges are no longer just trading venues; they are evolving into comprehensive financial infrastructure providers. As on-chain capital markets mature, Coinbase’s move positions it at the centre of the next phase of crypto innovation: decentralised, compliant, and globally connected fundraising.
Whether the Echo integration proves smooth or not, the intent is clear. The company wants to own every stage of the crypto value chain, from token creation and issuance to trading and custody. If successful, it could redefine how startups raise funds, how investors participate in early-stage opportunities, and how capital markets operate in a decentralised world.
The Echo acquisition not only strengthens Coinbase’s leadership in the industry but also signals that the future of fundraising is going fully on-chain, and Coinbase intends to be the platform that powers it.
