Coinbase Acquires Echo in 375M Deal to Reshape Crypto Fundraising
The $375 million acquisition could reignite public token sales and reshape how crypto projects raise capital through transparent, regulated platforms.
Coinbase has made another strategic move in its ongoing expansion spree, acquiring Echo, an on-chain fundraising platform founded by crypto influencer Cobie, in a $375 million deal. The acquisition not only strengthens Coinbase’s infrastructure but also positions it at the forefront of a potential revival of regulated, community-driven token sales—echoing the spirit of the 2017 ICO boom but with a modern, compliant twist.
A Move Toward Transparent, On-Chain Capital Markets
According to a company blog post, Coinbase described Echo as a leading tool for “accessible, efficient, and transparent capital markets,” enabling projects to raise funds directly from their supporters without intermediaries. The deal was led by Coinbase executives Shan Aggarwal and Aklil Ibssa, both of whom have spearheaded the company’s strategic investments in on-chain infrastructure.
Echo’s technology will be integrated across Coinbase’s ecosystem to support fully on-chain capital raising, connecting crypto founders and retail investors within a regulated environment. Beyond crypto tokens, Coinbase plans to leverage Echo’s infrastructure to expand into tokenized securities and real-world assets (RWAs)—a growing segment in decentralized finance.
Since launching in 2024, Echo has helped raise over $200 million across 300+ deals, using its flagship Sonar platform to power several high-profile token sales, including Plasma’s XPL token.
“We’re building a full-stack solution for crypto projects and investors,” Coinbase said in its announcement, emphasizing its goal of covering the entire lifecycle of a blockchain venture—from token creation and fundraising to secondary market trading.
Extending Coinbase’s “Full-Stack” Vision
The acquisition builds on Coinbase’s prior purchase of Liquifi, a platform for token creation and cap table management. With Echo, Coinbase can now cover the complete infrastructure pipeline—from token issuance to trading—creating what it calls a “full-stack crypto solution.”
Cobie, Echo’s founder, confirmed the acquisition on X (formerly Twitter), saying he “certainly didn’t think Echo would be sold to Coinbase, but here we are.” He also noted that while Echo will continue to operate under its existing brand, the Sonar product will be integrated into Coinbase’s core ecosystem to provide new investment pathways.
When Echo launched in beta in April 2024, Cobie famously called it a “95% long shot but a noble failure worth attempting.” Instead, the platform became one of the most discussed experiments in community-based crypto fundraising, helping everyday investors access early-stage projects that were once reserved for private venture capital.
Coinbase’s Busy Expansion Streak
The Echo buyout adds to a wave of Coinbase developments in 2025, highlighting the exchange’s determination to dominate multiple verticals of the crypto industry. Earlier this year, Coinbase acquired Deribit, a leading derivatives exchange, to solidify its position in crypto futures and options. Just days later, it became the first crypto company to join the S&P 500, marking a landmark moment in digital asset mainstreaming.
October alone has been a particularly active month for the company. Within the past two weeks, Coinbase has:
- Launched decentralized exchange (DEX) trading within its mobile app.
- Reintroduced staking services for users in New York.
- Filed for a U.S. National Trust Charter, a move that could broaden its regulatory footprint.
- Rolled out new payment tools under its Coinbase Business suite.
- Invested in India’s CoinDCX, expanding its presence in Asian markets.
In a cultural twist, Coinbase CEO Brian Armstrong also recently purchased the UpOnly NFT from Cobie for $25 million, reviving the once-popular “UpOnly” podcast that had gone silent after the FTX collapse.
The Return of Public Token Sales—But Smarter
Beyond corporate strategy, Coinbase’s Echo acquisition taps into a growing industry trend: the return of public token sales under regulatory oversight. Once synonymous with the chaotic ICO boom of 2017, token launches are now making a comeback through compliant, transparent, and on-chain frameworks.
According to data from Tiger Research, modern platforms such as Sonar, Buidlpad, Legion, and Kaito are leading a new wave of regulated fundraising models. These launchpads integrate KYC procedures, audit trails, and real-time transparency, helping projects avoid the legal risks that plagued earlier ICOs.
During the ICO era, blockchain startups raised billions by selling tokens before launching their products. While this model gave rise to notable successes such as Ethereum, Chainlink, Tezos, and Filecoin, it also attracted widespread fraud and regulatory crackdowns. The U.S. Securities and Exchange Commission (SEC) ultimately deemed many ICOs to be unregistered securities offerings, forcing some projects to repay investors or face fines.
Today’s on-chain fundraising platforms aim to avoid those pitfalls. Compliance with frameworks like the EU’s MiCA regulation and on-chain verifiability are making it possible to combine community participation with legal clarity.
Why Echo Could Be the Catalyst
Echo’s Sonar system represents this new generation of fundraising tools. It allows founders to host self-managed, transparent token sales on multiple blockchains, including Base, Solana, Cardano, and Hyperliquid, while ensuring regulatory compliance and investor verification.
For Coinbase, integrating Sonar could transform its exchange into a global fundraising hub, where verified users can participate in early-stage opportunities that were once accessible only to institutional investors.
This shift also aligns with a broader market trend toward community ownership and tokenized participation—values that underpin the next iteration of Web3. By bridging compliance and accessibility, Coinbase may be setting the stage for a new era of on-chain capital formation—one where ICOs return, not as speculative manias, but as regulated, transparent, and inclusive investment models.
As Cobie put it when reflecting on Echo’s journey: “We took a long shot—and somehow, it hit.”
With this acquisition, Coinbase seems poised to ensure that long shots like Echo don’t just hit—they redefine how the crypto industry funds its future.
