Coinbase, the U.S.-based cryptocurrency exchange, has announced the acquisition of Echo, a blockchain-powered fundraising and investment platform, in a deal valued at $375 million. This acquisition, paid through a combination of cash and stock, represents a significant expansion of Coinbase’s efforts in on-chain fundraising and early-stage token issuance.
The move aligns with the exchange’s vision of creating 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 enhance the efficiency, transparency, and accessibility of global capital markets through blockchain technology.
Echo, founded by Jordan Fish, known as “Cobie,” has established itself as a prominent platform for decentralized capital formation. Since its inception, the company has facilitated over $200 million in project fundraising, connecting Web3 startups and token projects directly with investors.
A key feature of Echo is ‘Sonar,’ a protocol designed for transparent, on-chain public token sales. Sonar enables project teams to manage capital raising without intermediaries while ensuring full transparency in contributions and token distributions. Coinbase intends to integrate Sonar’s technology into its existing infrastructure, allowing startups to conduct token launches within Coinbase’s regulated environment.
In a company blog post detailing the acquisition, Coinbase stated 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 address many of the challenges associated with crypto fundraising, including compliance hurdles and investor onboarding, while providing founders and investors with a more seamless experience.
Coinbase remarked in a statement, “This acquisition represents a pivotal step toward a more open, efficient, and globally accessible capital market. 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 acquisition is the latest in Coinbase’s series of strategic purchases in 2025. Previously, the company acquired LiquiFi, a provider of token management and cap table infrastructure, and the derivatives exchange Deribit for $2.9 billion. These moves collectively indicate a clear strategy: Coinbase is constructing a comprehensive financial platform for the digital economy.
With LiquiFi managing tokens, Deribit offering derivatives trading, and Echo facilitating fundraising, Coinbase is assembling a vertically integrated system for tokenized assets, covering creation, trading, and investment. This approach mirrors that of traditional financial institutions but is tailored for decentralized finance (DeFi) and Web3 ecosystems.
Analysts view this acquisition as a significant competitive move. By controlling the infrastructure for token fundraising, Coinbase is poised to generate a new revenue stream and establish itself as a comprehensive solution for crypto startups seeking both capital and regulatory compliance.
One market strategist commented that Coinbase is evolving into the “Goldman Sachs of the crypto era.” The strategist added, “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 simplified process for raising capital. Projects can leverage Coinbase’s global brand, infrastructure, and user base while maintaining the decentralized nature of token issuance. Echo’s integration is expected to reduce the complexity of investor accreditation, compliance checks, and Know Your Customer (KYC) processes.
For investors, Coinbase’s involvement is anticipated to bring a level of credibility and trust often absent in the volatile crypto fundraising landscape. However, retail investors might face restrictions due to regulatory concerns surrounding public token sales in the U.S. Coinbase is expected to implement gated participation frameworks to comply with securities laws.
The acquisition also occurs amidst increased regulatory scrutiny of token launches and fundraising mechanisms. The U.S. Securities and Exchange Commission (SEC) has intensified enforcement actions against unregistered offerings, but Coinbase believes Echo’s model can align with evolving rules while upholding openness and transparency.
This deal highlights a broader trend within the crypto industry: exchanges are transforming from mere trading venues into comprehensive financial infrastructure providers. As on-chain capital markets mature, Coinbase’s strategic move positions it at the forefront of the next phase of crypto innovation, focusing on decentralized, compliant, and globally connected fundraising.
Regardless of the smoothness of the Echo integration, Coinbase’s objective is clear. The company aims to control every stage of the crypto value chain, from token creation and issuance to trading and custody. A successful implementation could redefine startup fundraising, early-stage investment opportunities, and the operation of capital markets in a decentralized world.
The acquisition of Echo not only strengthens Coinbase’s industry leadership but also signals that the future of fundraising is moving entirely on-chain, with Coinbase intending to be the platform powering this transition.